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4) Suppose the federal government were to levy a national property tax on all housing in the United States. Assume that all households are renters, are perfectly mobile, and have homogenous tastes.a) Assuming the money raised by the property tax is wasted, which parties (landlords, capital owners, or consumers) are likely to bear the incidence of this tax? Why? State clearly any auxiliary assumptions necessary to arrive at your conclusion.b) Now suppose that the money is not wasted. Rather it is spent on reducing class sizes at public schools. Suppose households value the reduction in class size by more than the dollar cost of the tax. What will happen to the price of land and the price of homes?5) The most common mode of transportation in the U.S. is by automobile. Automobiles generate a variety of externalities via their effects on traffic, fatalities, and the environment. This leads most economists to suspect that the level of driving in the U.S. is far above its efficient level.a) A standard suggestion of economists is to levy a tax on behavior generating negative externalities. Suppose we choose to impose a tax on gasoline because it is highly complementary with driving. Show and explain, using a diagram, the factors determining the optimal gasoline tax.b) In practice much of the information necessary to determine the optimal gas tax is difficult to come by. Suppose, in order to make up for its recent budget shortfall, the state of California decides to levy a statewide tax of two dollars a gallon on gasoline. What are some indicators we could look at to determine whether this tax is too large from a social efficiency perspective?c) An alternative to taxing gasoline is to subsidize public transportation. Why might such subsidies be relatively ineffective at reducing automobile usage?
Which of the following is the primary disadvantage of producing inputs within a firm?
In a study published in 1980, B. B. Gibson estimated the following price and income elasticities of demand for six types of public goods:
What does your anticipated adjustment process imply about the CR for the construction industry?
In other words, does it matter whether the deficit is caused by lower taxes, increased defense spending, more job-training programs, and so on In your analysis, what role do fiscal and monetary policies have to lead to higher
Choose a United States based firm with global operations and discuss the following questions, Discuss the company's activities outside of the U.S.
1. cold case inc. produces beverage containers used by fast food franchises. this is a perfectly competitive market.
if the u.s dollar were to appreciate substantially what steps could a domestic manufacture like cummins engine co. of
if the economy faces a recession what type of policy should the federal reserve bank employ? specifically what must
Through the 1990s government purchases of goods declined as portion of overall output, in part because of the end of the cold war. If we ignore trade and treat the U.S. as a closed economy, what would be the predicted long-run result of this shift on..
Explain the role of adjustable-rate mortgages (ARMs) in exacerbating the financial crisis. Explain the Basel requirements and how banks got around the Basel accords, which limited the amount of mortgages and other risky assets that banks could hold..
Explain how financial institutions fit into the circular flow diagram (and more specifically why they are important for economic stability and growth). In your own words, explain why financial institutions (and, by extension, financial markets)
a. why might fire extinguishers exhibit positive externalities b. draw a graph of the market for fire extinguishers, labeling the demand cruve, the social-value curve, the supply curve, and the social cost curve.
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