For 50 years, Cuba has had a centrally planned economy in which the government makes the big
Question:
a. Why would you expect Cuba’s production possibilities (per person) to be smaller than those of the United States?
b. What are the social institutions that Cuba might lack that help the United States to achieve allocative efficiency?
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a Cubas economy is almost surely less efficient than the US economy The Cuban central planners do no...View the full answer
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