Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 2, Problem 9P
To determine
The elements of command, market elements and traditional elements of the United States that describe it as a mixed economy.
Concept Introduction:
Economic system: It's a means by which government distribute its resources, trade, goods, and services among people.
Mixed economy: A mixed economy is an economic system in which government practices the command, traditional and market systems.
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Imagine that you work for the World Bank and you have been called to Ghana to aid the new president to come up with a new international trade strategy.
You are told that the new government is interested in moving away from agriculture and into manufacturing. To do so, the government wants to pursuit a policy of import substitution industrialisation (ISI).
You are given a brief about Ghana highlighting the following points:
About half of Ghana’s population depends on agriculture, but Ghana still imports some of its food.
The majority of Ghana's people live in rural areas and exist on a subsistence way of life.
Ghana has one of the highest rates of income inequality in the world.
Nearly half of the population is employed in agriculture.
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Chapter 2 Solutions
Econ Micro (book Only)
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