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A common criticism of retail sales and excise taxes is:
a. they are progressive with respect to income.
b. they are general taxes with no allowed exemptions.
c. they are regressive with respect to income.
d. they tend to be shifted backward.
You believe that next year there is 50% probability that your health care cost will be $5,000 but your spouse believes you will all be healthy and there will be no healthcare cost; however you both agree to buy an annual health insurance plan. You de..
Derek consumes only rackets and tennis balls. His utility function is U(x,y)=x^2y^8, where x is the number of rackets consumed and y is the number of tennis balls consumed. Derek's income is $320, and the prices of rackets and tennis balls are $4 and..
A nation using union labor monopolies to produce a product can export its surplus at a lower global price to those nations that are more efficient producers of the same product and as a result make the consumers in the exporting nations better off. F..
Draw the budget constraints, indifference curves, and the income consumption curve for a good (bagels) that has an income elasticity that is perfectly inelastic on horizontal axis, and another normal good on (salads) on the vertical axis.
Consider a production technology that takes three inputs: capital (K), labor (N ), and materials (M ). The production function is given by Y = AKαNβ Mγ , where α, β, γ > 0 and α + β + γ = 1. For this production function,
The stock market is considered a leading economic indicator. Should there be a specific percentage of federal spending that should be reduced such as 25% or 30%? Should there be any changes in tax policy? There are seven U.S. states that do not charg..
Indonesia's infrastructure is in bad shape. [According to a recent article in The Economist (May 9th 2015): "companies spend 50% more on logistics than those in Thailand and twice as much as those in Malaysia."] The government of Indonesia cut fuel s..
Suppose the President gets Congress to pass legislation that encourages investment in research and the development of new technologies. Assuming this policy leads to a positive productivity change for the U.S. economy, use aggregate demand and supply..
The labor supply function is given by N=1000+12w and labor demand is N=2000-8w. Find the equilibrium level of employment and wage. Given existing technology and the capital stock, output is given by the function Y=100N. Does the function exhibit dimi..
Choose one essay below and write at minimum a 5 paragraph essay (WITH EXAMPLES) APA style Minimum 2 sources excluding the text book. Make a case that either the government works or the government doesn’t work. What is the relationship between fixed c..
Consider the following sequential game between firm 1 and firm 2. First, firm 1 decides to adopt either technology A or technology B. Firm 2 observes firm 1's decision and then also decides between technology A or technology B. The profits (in thousa..
Suppose the price elasticity of demand for bread is 1.00. If the price of bread falls by 20%, the quantity demanded will increase by: Suppose that a 20% decrease in the price of good Y causes a 20% increase in demand for good X. The coefficient of cr..
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