Differentiate between the following three political regimes—monarchy, dictatorship, and representative democracy
What will be an ideal response?
In a monarchy, a king or an emperor has the ultimate ruling power. He (or she, in the case of a queen or empress) chooses policies and decides whether to go to war and how much tax to impose on his subjects, though in practice many decisions are delegated to administrators and relatives. Althoughthe power of kings and emperors is not unlimited as they could be deposed, we normally think of their power as nearly absolute.
A dictatorship is the general name given to nondemocratic regimes ruled by a single person (a dictator) or a junta consisting of a small group of soldiers or rulers. Crucially, dictatorships do not hold elections to choose the key executives, and those in power are not replaced through elections. Policies in dictatorships are not responsive to the wishes of the citizens.
In a representative democracy, citizens vote for different candidates who, if elected, hold public office for a period of time and then make policy choices. At the end of their term, or sometimes even before, they can be voted out of office, for example, if the citizens are not satisfied with their performance or a better candidate presents himself or herself.
A-head: CONFLICT OF INTEREST AND POLITICAL ECONOMY
Concept: Political regimes
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An "omitted variable" is
A) a variable that has no impact on other variables in an economic analysis. B) a variable which is purposely omitted from an economic analysis. C) a variable that affects other variables and its omission from economic analysis can lead to false conclusions about cause and effect. D) a variable which is inadvertently omitted from an economic analysis.
Assume that the world price of Good A is $8 per unit while its domestic price is $6, and the marginal cost incurred by domestic producers for producing one unit of Good A is $5 . If the government imposes a tax of $3 per unit on domestic producers, which of the following situations will be observed?
a. The tax will increase the price of Good A in the domestic market. b. The tax will increase the world price of Good A. c. The tax will decrease the profit earned by domestic producers. d. The tax will decrease the price of Good A in the domestic market.
In some cases, tradable pollution permits may be better than a corrective tax because
a. pollution permits allow for a market solution while a corrective tax does not. b. pollution permits generate more revenue for the government than a corrective tax. c. pollution permits are never preferred over a corrective tax. d. the government can set a maximum level of pollution using permits.
What are the characteristics of the perfectly competitive market?
What will be an ideal response?