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Are the following statements true or false?
a. The theory of optimal commodity taxation argues that equal tax rates should be set across all commodities so as to maximize exigency by ‘‘smoothing taxes.''
b. In the United States prescription drugs and CDs are taxed at the same rate of 10 percent. The Ramsey rule suggests that this is the optimal tax policy.
c. Some economists have proposed replacing the income tax with a consumption tax to avoid taxing savings twice. This is a good policy both in terms of exigency and equity.
Part of the policy response to the crisis was to extend the length of time workers could receive unemployment benefits. How would this affect reservation wages if this change was made permanent?
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's.
a. Plot the supply and demand curves b. Calculate the equilibrium price and equilibrium quantity. c. Suppose the government imposes a price ceiling of $30 in this market. Determine mathematically and graphically the loss of social welfare.
An airline ticket from Baltimore to Miami costs $525. A bus ticket is $325. Traveling by plane will take 5 hours, compared with 25 hours by bus. Thus, the plane costs $200 more but saves 20 hours of time
The unemployment rate skyrocketed during the Depression, peaking at nearly 25 percent in 2933. The current unemployment rate is just 5 percent. And that's only up from 4.5 percent a year ago. Contrast that with the far more explosive spike at the ..
What would be the value of the multiplier derived from a naïve regression of consumption on income, and what would be the true value?
Show the impact of an open market sale on the interest rate and output. Show both the immediate- and the longer-term impacts.
Suppose economists observe that an increase in government spending of $10 billion raises the total demand for goods and services by $30 billion. If these economists ignore the possibility of crowding out, hat would they estimate the marginal prope..
Interpret the null hypothesis using your t-statistic.
s how would this merger affect airline costs
Cindy consumes goods x and y. Her demand for x is given by x(px, m) = 0.05m -5.15px. Now her income is $419, the price of x is $3, and the price of y is $1. b. Compute the demand of x under the new price.
Assume, instead, that the economy in exercise 19.10 lasts only for two periods. In the first period, there is only a young consumer. In the second period, there is one old consumer and a new young consumer. At the end of the second period, the eco..
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