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Consider how the labor leisure tradeoff diagram changes when Medicaid is offered to individuals whose income is below a defined threshold, I. Note that Medicaid is an in-kind transfer equal to pM, where p is the price of medical care and M is the quantity of medical care transferred.
a. Draw the budget line if wage rate is w?
b. Show how the budget set changes with this in-kind transfer.
c. Suppose that the state reduces the income eligibility threshold, to say I’. Does this make it easier or harder for people to qualify for Medicaid?
d. What happens to the size of the region where workers have no incentive to work?
Draw a market with a negative production externality. What kind of instrument (policy) do you use? What's its magnitude? What does the policy lead agents on both sides of the market to do?
The record of economic growth over the past century does not represent the steady state described or predicted in the Solow growth model. Explain what the “Solow residual” is and how it is used to account for the long-term improvement in output per p..
In a small country each labor hour has a capital stock equal to 900 units. This year the country produced 20 units of new capital goods with the depreciation rate of 10% with the production function of why square root of K what is the growth rate
Using appropriate models or theories, explain the economic intuition (logic) behind the following events. An increase in money supply leads to a fall in short-run interest rate. An increase in real income leads to a rise In short-run Interest rate
Illustrate what is the interest rate. Jack and Jill both obey the two-period fisher model of consumption.
Suppose that the government and central bank together want to keep GDP of a closed economy constant but raise the level of investment. What policies can they follow to achieve this?
Which of the following two bonds are more prices sensitive to changes in interest rate? A par value bond, X, with 6-year-to-maturity and 10% coupon rate.
Which of the following terms describes a contract based on information that cannot be observed by courts or arbitrators?
Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Who has the absolute advantage in the production of rubber or radios? How can you tell? Calculate the opportunity cost of produ..
After 25 years explain how much larger is Country B's economy the Country A's economy. Why is the answer not 25 percent.
Which of the following is true for a market with no externalities under perfect competition? Which of these is a property of public goods?
Summarize Madison’s central arguments in Federalist Paper 10 and Federalist Paper 51. Summarize Henry’s central arguments in his speech against ratification of the Constitution. What do these excerpts reveal about each man’s assumptions about human n..
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