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Suppose the U.S. economy is in a recession which came from a negative AD shock. To provide consumers with an incentive to spend more of their disposable incomes, Congress and the President pass a law making it illegal for an individual to hold more than $500 in cash and checking accounts at any time. Furthermore, all adults who receive paychecks (assume all paychecks are distributed every two weeks) must spend at least 90% of their paychecks within two weeks of receiving said paychecks. The penalty for non-compliance is forfeiture of one’s next paycheck (and assume flawless monitoring is done somehow). Will this law be successful?
Discuss the implications of this law for the short run and long run. Choose three macroeconomic variables to include in your discussion.
QuadPlex Cinema is the only movie theater in Idaho Falls. The nearest rival movie theater, the Cedar Bluff Twin, is 35 miles away in Pocatello. Thus QuadPlex Cinema possesses a degree of market power. Despite having market power, QuadPlex Cinema i..
My utility for cookies C and milk M is u(C;M) = C1=3M2=3. Every week I have wealth w = $8 to spend on cookies and milk. Last week, prices were pC = 1; pM = 1; this week there is a big sale on cookies so prices are pC = 1=2; pM = 1.
Suppose prices are determined as a simple mark-up over expected wages: p-w^e=a0-a1U Assume further that wages are a simple mark-up over expected prices: w-p^e=B0-B1U Use the equations above to show that when prices are different from price expectat..
How would you respond if the price of gasoline doubled over the next two years What alternatives do you have for buying gasoline Could you change to zero consumption of gasoline in the short run In the long run In the short run, when the price of ..
Illustrtae the difference among concretionary and expansionary fiscal policy.
After completing a complex programming project, Melanie is laid off. Her prospects for a new job requiring similar skills are good, and she has signed up with a programmer placement service. She has turned down offers for low-paying jobs.
Suppose government were to provide free daycare for children and assume this has no effect on the real wage w, taxes T, and dividend income π. Determine effect of the daycare program on consumption
a) Should the Federal Reserve Board focus exclusively on the problem of inflation b) What other goals are appropriate for Federal Reserve policy c) What is the appropriate goal for the inflation rate d) How effective is Federal Reserve monetary polic..
Get Rich Company has to choose between two investment opportunities. Investment A requires an immediate cash outlay of $100,000 and provides after-tax income of $20,000 per year for ten-years.
Explain why is it difficult to determine who is and who is not in the labor force. What consequence does this have, if any, for the labor market indicator.
The treasurer of a U.S. firm noted that although short run deposits in Swiss bank accounts had earned the company only a 3% annualized return when measured in Swiss francs, in dollars the company had realized a 12% rate of return.
The monopoly sells two units of goods over two periods. The costs are zero. Consumer A has a valuation of 15 and Consumer B has a valuation of 10. Suppose the discount rate is ?=.8. If we allow Consumer B to have a valuation of k
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