代写ECON 303 LAW and ECONOMICS Test Semester One 2023代做Python程序

LAW and ECONOMICS Test

ECON 303, Semester One, May 2023

Time Allowed: 100 minutes

ANSWER ALL QUESTIONS, EACH CARRIES EQUAL WEIGHT, 50 MARKS TOTAL

QUESTION ONE (TEN MARKS)

(a) Define the word, “institutions”, and discuss evidence linking the quality of a nation’s institutions to its economic prosperity. (FIVE MARKS)

(b) Explain how the idea of a Nash Equilibrium can inspire a role for the rule of lawas a coordinating device, giving an example. (FIVE MARKS)

QUESTION TWO (TEN MARKS)

(a) Describe ways that a market failure arising from a negative externality can be overcome using  legal means. Do some of these ways entail greater government intervention than others? (FIVE MARKS)

(b) What is the public choice view of regulation and is there evidence to support it? (FIVE MARKS)

QUESTION THREE (TEN MARKS)

(a) Can controversies about valuing a human life impede working out how a range of government regulations affect social welfare in a country? (FIVE MARKS)

(b) Can private individuals, or firms, exercising ‘social responsibility’ provide a better way of solving a market failure caused by asymmetric information compared to legal interventions by the government? (FIVE MARKS)

QUESTION FOUR (TEN MARKS)

(a) Should taxes be cut in France to make the country more competitive with the likes of the United

States, eventhough France’s level of inequality may rise as a result? (FIVE MARKS)

(b) Why might America still have the death penalty when European countries do not? (FIVE MARKS)

QUESTION FIVE (TEN MARKS)

(a) Why did New York State Attorney General Eliot Spitzer take such strong action against “betrayals of trust” on Wall Street leading up to the Global Financial Crisis? (FIVE MARKS)

(b) Can an economy grow strongly overlong periods of time without the rule of law? (FIVE MARKS)