1309ps01 - IS and Econ 13 Winter 2009 Problem Set #1 Due:...

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IS and Econ 13 Winter 2009 Problem Set #1 Due: on Friday, January 23, at the end of lecture NOTE: Late problem sets will not be accepted unless there is an official medical excuse. Your responses should be handwritten . 1. According to the table distributed in class, which country was the poorest in 2007? Which of the two types of GNI per capita have you used and why? What is that country’s geographical location? 2. Why did Adam Smith object to the corporate form of firm organization? Is the problem he identified relevant at all today, for the U.S. and the rest of the world? 3. What were the main characteristics of the industrial revolution that occurred in Britain? 4. Has the expansion of markets since the late 19 th century been accompanied by a reduction or expansion of the size of government? Provide some possible reasons for this development. 5. Suppose that Leisureland produces only two goods: food and sunscreen. The table gives its production possibilities: Food (pounds per week)
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1309ps01 - IS and Econ 13 Winter 2009 Problem Set #1 Due:...

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