Governments are important because . 1. they control every aspect of the population
2. they eliminate the need one for participation in national decisions
3. they enforce rules that control conduct within a population

In the construction of a new housing development which factor of production can be categorized as land?

Ais a group of people living and working under a set of rules and traditions.

Mankiw attributes – chapter 1 and his 10 principles – differences in living standards within a countryover time and across countries at a moment in time to: a. the presence or absence of inflation and unemployment. b. the allocation of resources between private markets and the public sector. c. those that have dealt successfully with the efficiency v. equality tradeoff and those that haven’t. d. differences in productivity. e. ones that think at the margin and respond to incentives and those that don’t.