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ECON 3540: Response 1Due Monday, February 15thSelect one of the two prompts below. Your response should address the topic provided in itsentirety. Responses should be…

ECON 3540: Response 1Due Monday, February 15thSelect one of the two prompts below. Your response should address the topic provided in itsentirety. Responses should be no less than 1000 words. Proper citation is required. Pleasesubmit via Canvas (.doc, docx, and .pdf le types only please). Responses are due by 11:59pm (MST) on the due date listed above.Prompt #1:The following quotes are from two historical gures (I won’t say which, but a quick searchwill satisfy your curiosity) who hold very dierent conceptions as to the nature of whatconstitutes a society and therefore an economy.In the social production of their existence, men inevitably enter into denite [social] relations… in the development of their material forces of production.There is no such thing as society: there are individual men and women, and there arefamilies.In your personal opinion – this is economics, after all – what should be the scope of economicanalysis? What is beyond economists’ ability to explain? What should be taken as themost basic economic agent? Why? Be sure to incorporate readings and class discussionsin your analysis.1Prompt #2:The notion that the US healthcare system contains major ineciencies is generally agreedupon by most economists and policymakers, regardless of political aliation. This is supported by the observation that despite spending nearly nearly three times as much onhealthcare than OECD countries, the US performs much worse in terms of life expectancy(as well as many other health outcomes). The proposed solutions to these ineciencies,however, vary drastically across the political and economic spectra. Proposals range fromcomplete privatization of all aspects of healthcare to a government alternative in competition with private insurers to universal single-payer healthcare. In your opinion, whatpolicies (if any) should be implemented to improve the US healthcare system? You shouldspecically discuss how and why your proposed changes will address particular ineciencies.2

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