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Again, in the consumption savings model, assume that lump-sum taxes are zero. But suppose the government taxes on interest earnings. I.e. borrowers face interest rate r while the lenders face an interest rate (1 - t)r.
What is the effect of introducing the tax rate on the consumer's budget constraint? Draw the constraint for borrower and lender.
What is the effect of the tax on a consumer who was initially a lender and is still a lender after the tax? Explain in terms of income and substitution effect.
Assume that the unemployment rate is 7% and GDP is $4,000 billion. What is a rough estimate of the potential GDP if the NAIRU is 5%? Assume that potential GDP is growing at 3% annually. What will potential GDP be in 2 years? How fast will actual GDP ..
For each of Marshall’s four rules of derived labor demand, come up with one example of an industry or job that you would expect to have especially elastic or inelastic labor demand based on that particular rule.
Write an explanation for an interrogatory senator outlining explain how your expansionary acts would operate and what would be the effects on the economy
For each of the following situations, explain whether the demand curve for bonds, the supply curve for bonds, or both would shift. Be sure to indicate whether the curve(s) would shift to the right or to the left. What would be the effect on the equil..
MOST governments say they want to encourage entrepreneurs. Yet when foreigners with ideas come knocking, they slam doors in their faces. America, surprisingly, is one of the worst offenders. It has no specific visa for foreigners who wish to create n..
Consider Solow's model when the production function is Y = 1000K0.3L0.7. The population growth rate is 2%, ? = 0.1 is the depreciation rate and s = 0.25 is the savings rate. Compute how much more output there is in this economy immediately thanks to ..
Which one of the following is true? Nike has a less elastic demand curve than shoes. Cigarettes have a more elastic demand than televisions. Salt has a less elastic demand than ice cream. The demand curve for gas is more elastic in the short-run than..
Maisha spends all her income on good X and good Y. As the price of good X increases while the price of the price of good Y remains fixed, Maisha’s price-consumption curve is horizontal. Let the price of good Y be $1 per unit and Maish’s income be M. ..
A 10% increase in the price of pizza causes a 10% drop in the quantity of both pizza and beer sold. Describe elasticities and the nature of the two products
Assume that the free trade unit price of a lamp is $200 and unit cost of an input for a lamp is $100. Given this information about lamp production in a country, calculate the effective rate of protection (ERP) afforded to the lamp industry by a 12% t..
Demand for phones at an on-line retailer is 5,000 per month. The annual inventory carrying rate for the retailer is 25 percent, and the retailer incurs a fixed order cost of $15,000 for each order placed with the supplier in Taiwan. How many phones s..
During the recession of 2008–2009, many workers who lost their jobs were unable to afford to move to a new job in a new city and pay rent or buy another home because they could not sell the home they were in that still had mortgages. This was because..
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