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Decide whether each of the following statements is a normative statement or a positive statement, then explain your answer.
a. The gasoline tax is projected to yield $10 million in tax revenue next year.
b. If the gasoline tax was raised by 10 cents per gallon, the tax revenue from this tax would increase by 4%.
c. The state should raise the gasoline tax for the coming year. An increase in the tax will reduce congestion and smog, which is more important than the cost to commuters if they shift from private car transportation to public transportation.
d. Mandatory school enhances the work skills of students.
e. The age of mandatory school attendance should be extended since this will provide greater benefits to our economy.
f. An extension of mandatory school attendance will increase government education costs by $2 million for the state.
If an earthquake decreases cement supply by disabling a major cement plant and increases demand by necessitating repair jobs, what does the model of supply and demand definitely predict for the cement market?
The demand curve for cookies is downward sloping. When the price of cookies is 2 dollars, the quantity demanded is 100.If the price rises to 3 dollars, what happens to consumer surplus?
The unemployment rate in an economy is 6%. The total population of the economy is 290 million, and the size of the civilian labor force in 150 million. Illustrate the number of unemployed workers in this economy.
Problem associated with fourth video: demand with perfect substitutes Consider the following utility function u(x1, x2) = 2x1 + x2. Calculate the MRS for this utility function. Does it depend on x1 and x2. (b) Given an income m and prices p1 and p2 d..
When a U.S. corporation sends a dividend check to a stockholder residing in Ireland, the transaction is recorded as a, All of the following would be recorded in the current account except
1) the mission, vision, and value statement of an actual firm 2) whether or not you feel the firm has been successful in adhering to their statements and 3) provide examples to support your response to number 2
Some people are saying which majority of the budget deficit are funds which some branches of the government owe to other branches.
Alice maximizes expected utility with an index u(x) = √ x where x is the total annual income. Her annual wage is $90000 and she gets an extra bonus of $70000 with probability 0.5. Alice’s certainty equivalent of this gamble is
This might be interpreted as an upward shift in the consumption function. How does this shift affect investment also the interest rate.
Why are the Average Cost Curves U-shaped. What is the Law of Diminishing Returns. Discuss a company's two short run options.
According to the production possibilities model, does a reduction in the unemployment rate cause the economy to grow (yes or no)? Explain why or why not. What about Improvement in technology.
Van has plans to go to an opera and already has a $100 non refundable, non exchangeable, and non transferable ticket. Now Amy, whom Van has wanted to date for a long time, asks him to a party. Van would prefer to go to the party with Amy and forgo th..
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