critical thinking assigment

by | Jul 5, 2022 | Economics

Economics 10350 Spring 2022
Critical Thinking Assignment
Backwardistan is a poor country ruled by a benevolent monarch. Queen Linda V descends from the Dewan dynasty that has ruled the country for nearly 250 years. She is an avid Gaels fan and trusts any student that attends Iona! She wants to improve her people’s economic and social wellbeing and she has hired you to advise on economic policy.
The Queen and her predecessors have never allowed free trade. They wanted local businesses could thrive without facing crushing competition. Also, foreign investment is restricted so that local investors can reap the benefits of internal growth. Backwardistan has abundant natural resources as well as a fast learning, low-cost labor force. Queen Linda is adamant about not letting foreigners exploit her people’s resources and labor force.
What are three policies (of many) that you would advise Queen Linda to enact immediately to improve her economy and people’s living standard? (15 pts) Describe, either in writing or graphically, how each one should improve economic development and activity in Backwardistan. (15 pts) Describe in detail who will be the winners and losers of each policy and why you are recommending it. (20 Pts)
What impact will allowing internet access have on economic development and social norms? (10 pts) Is Queen Linda correct to restrict access? (10 Pts)
Is Queen Linda’s desire to protect her country’s natural resources and labor force helping or hurting her citizens? (15 pts) What changes would you advise? (15 Pts)

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