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Please explain your answers 1. What is waqf? How did it obstruct economic development in the Middle East? 2. How did the Islamic Law of

Please explain your answers

1. What is waqf? How did it obstruct economic development in the Middle East?

2. How did the Islamic Law of inheritance inhibit capital accumulation?

3. Are bazaars/souks efficient? Please explain your answer.

4. Discuss one advantage and one disadvantage of having a large public sector employment in the context of middle-east?

5. In a perfectly competitive labor market, what happens to wage and unemployment if labor supply increases? In the 1980s, did the West Bank have a competitive labor market? Give evidences from your readings?

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