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Consider an income guarantee program with an income guarantee of $5,000 and a benefit reduction rate of 40%. A person can work up to 2,000 hours per year at $10 per hour.
1. Draw the person’s budget constraint with the income guarantee. Be sure to place appropriate labels similar to those found in the slides/lecture.
2. Suppose that the income guarantee rises to $7,500 but with a 60% reduction rate. Draw the new budget constraint. Make sure it is visible.
3. Which of these two income guarantee programs is more likely to discourage work? Explain briefly.
Compare and contrast the major negative fluctuation in the 1980s with that of the Great Recession (post-2007) with a focus on (i) the extent of the fluctuation and (ii) the speed of the recovery.
Use the theories of international trade and investment that have been presented in this chapter to help explain Brazil’s intentions and actions regarding the international information technology sector.
Suppose the demand curve for corn is QD =20−1/5P. Suppose that one firm owns the production of corn all over the world and has marginal cost of 10. Does the monopoly sell less output than would be sold in a competitive market with 72 equal-sized firm..
What is the intertemporal budget constraint in this model? Explain why some terms have the slope of the budget constraint as a divisor? What does the Ricardian equivalence theorem say? Assuming government borrow-ing is substituted for present-period ..
Suppose that the overnight rate and the overnight rate target are at 4.5 percent. The interest rate spread household and business borrowing should be 2.5 percent. a. To achieve the real interest rate of 2.5 percent, at what level should you set the o..
An accident occured and an individual loses a leg. It lowers the individual's utility at each level of income but increases his/her marginal utility. Show diagrammatically the utility functions before and after the accident.
All else equal, a decrease in income taxes would be expected to
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Illustrate what is the four industry concentration ratio of the hamburger organization in this town.
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Given that it takes 5 yards of textile to make a suit whose free trade price is $150.00 and that the textile sells for $20.00 per yard. Calculate (i) the NRP and the ERP if the government is to impose a $30.00 tariff per suit and (ii) what happens to..
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