a. The social market economic system that operates in Nordic countries as well as in countries like Germany, France and Japan is sometimes described as 'socialist'. Clearly explain why this is inaccurate. (4 points)

b. Explain TWO ways in which economic outcomes in the US market-dominated economy differ from economic outcomes in the Nordic social market economy. Note: it is not enough just to list the outcomes - the differences in economic outcomes between the two should be clearly explained. (6 points)

c. Identify TWO features of the US economy and TWO features of the Nordic economies that the author uses to explain the successes of each economic system? Clearly explain each of the features you identify. (8 points) Markets and institutions that make them work