Answer the following 7 questions in 400-600 words
each. Please write in complete sentences and
provide as much detail as possible, and quoting the text is recommended for this exam. Each
question is worth 10 point
...
Answer the following 7 questions in 400-600 words
each. Please write in complete sentences and
provide as much detail as possible, and quoting the text is recommended for this exam. Each
question is worth 10 points each. Please submit your exam as an updated, MS Word file to
Turnitin.com
, by 7:59am Wednesday, 25 May .
You MAY NOT COLLABORATE WITH ANYONE , but you are authorized to use resources such
as your notes, books, or information on the internet. Please cite any information that is from a
source we did not address in class. Direct all questions to your instructor.
1) Imagine that you have just returned from your first semester at college and you have
run out of spending money (tuition, etc. already paid). Describe the negotiation strategy
you will implement to secure extra funding from your parents, explaining the specific
principles outlined in the Slate Negotiation podcast.
2) What is a negative externality? Provide examples from Naked Economics or your own
experience to explain how societies deal with them.
3) The authors of Nudge recommend policies based on their theory of “libertarian
paternalism.” What is libertarianism? What is paternalism? Do the authors devise an
adequate compromise that both sides will embrace?
4) In Chapter 7 of Capitalism and Freedom, Milton Friedman argues that capitalism
reduces discrimination, whereas the conventional wisdom is that capitalism and free
markets actually foster discrimination and government policy is necessary to eliminate
it. Explain which argument you think most accurately describes America today.
5) The central argument of Why Nations Fail concerns the development of institutions.
What do they mean by “institutions” in this sense? Why are institutions so important to
the success or failure of nations?
6) Re-read Madison’s Federalist 10 essay (attached) and summarize his argument. What is
“pluralism?” Analyze Madison’s argument using specific examples and terminology
from Why Nations Fail.
7) What is a “critical juncture?” How can we identify them? Can any person or group
deliberately change the course of history? What is the point of reading Why Nations Fail?
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