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Question 1: Word count : around 500 words
Economists are deeply puzzled by our desire to have children. First, kids are really expensive - the biggest financial decision most couples will make. Forget the cost of buying the family home; the kids you choose to populate it with will end up costing just as much, or more, over a lifetime. A survey released last week by AMP and the National Centre for Social and Economic Modelling found the typical Australian family spent $812,000 raising two kids. This is an increase of nearly 50 per cent in just six years. ...Economists like to assume we are rational individuals who make decisions based on anticipated costs and benefits.
-The Sunday Mail (Qld) May 26 2013
You are the senior Economic advisor to the Prime Minister who is currently considering how to reduce the cost of having children and promote more economic growth. Some of her party want to continue John Howard's "baby bonus" scheme that provides a lump sum of cash to parents upon the birth of a child. Others argue that the government should instead aim to focus on lowering the costs of educating children by making tertiary education free.
The Conference Board publishes an index of Consumer Confidence that is good measure of the non price determinant of demand, customer expectations.
If you made $40,000 in 1980 and in 2010, what would your income status or wealth be in each time period?
1. Determine if the benefits of free trade outweigh the drawbacks, and what could be done to address the drawbacks (if anything). 2. State whether you believe fair trade is a fad or a trend. Provide support for your reasons.
Suppose that government purchases reduce by $10 billion, with other factors held constant. Compute the change in the level of real GDP demanded for each of the following values of the MPC.
What problems arise in estimating whether an equal income distribution is fair or not? Diuscss the difference between income and wealth?
Drawing on Carbaugh's discussions in Chapters 6 and 7 concerning industrial policies, strategic trade policy, the trade problems of developing nations, import substitution, and export-led growth
The night before an economic exam, you decide to go to the movies instead of staying home and working your MyEconLab study plan. You get 50 percent on your exam compared with the 70 percent that you normally score. a. Did you face a tradeoff
Myra receives a $20,000 gift from her cousin and inherits $80,000 in corporate bonds from her Aunt. Myra receives $7,000 in interest income from the bonds. How much does Myra include in gross income?
The following show data on investment rates and output per worker for two pairs of countries. For each country pair, calculate the ratio of GDP per worker in steady state that is predicted by the Solow model, assuming that all countries have the s..
What condition holds when the firm is maximizing profits? Explain in words what the math of the answer means. (b) What conditions do the functions R(Q) and C(Q) have to satisfy for you to know that the quantity Q* that satisfies the condition in (..
1. Do you consider Botswana's development process to have been a success? Why or why not? What specifically contributed to its development in the first ten years of independence?
If the price elasticity of demand for gasoline is 0.3 and the current price is $3.20 per gallon, what rise in the price of gasoline will reduce its consumption by 10 percent.
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