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1. In a society in which households differ significantly in income, two processes occur simultaneously that affect where households live: the Tiebout process and the separation process. Explain each.
2. Using a diagram, explain what happens to the price of homes if a property tax is levied and the local government (A) completely wastes the revenue and (B) uses the revenue to provide good quality schools, police, and fire protection.
3. Compare a private school system to a public school system.
4. Use a diagram to explain the optimal quality of a public school and how taxes can be set so that there is unanimous support for this quality from its citizens.
5. Explain how the EITC works and how it differs from welfare.
6. Explain why government borrowing shifts the burden from present taxpayers to future taxpayers.
The economy is hit with a positive LRAS shock and you, in your role as a central banker, respond with an active policy response to stabilize inflation. (a) Draw an AS/AD diagram illustrating the changes in output and inflation. (b) Describe briefly h..
What will the new Lerner Index be after some time with the new demand curve and market price of 30? What firms survive the new demand curve in the industry and why?
Suppose that a concert hall faces the following demand curve for its evening shows: QE =40−.8P and the following demand for its afternoon shows: QA =24−.8P where Q is the number of tickets in thousands and P is the price of a ticket in dollars. What ..
Wheelan (in Naked Economics) states that "the problem with Asian sweatshops is that there are not enough of them." How is Wheelan's statement illustrative of the concept that every market transaction makes all parties better off?
The federal minimum wage was last increased from $6.55 to $7.25 per hour. Suppose that the elasticity of labor supply of teenagers is 0.12. Using this estimate, by what percent would you expect teenagers’ quantity of labor supplied to change in respo..
Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the inco..
A manufacturing company is considering purchasing a 10 HP electric motor which it estimates will run an average of 6 hours per day for 250 days per year. Past experience indicates that: (1) its annual cost for taxes and insurance averages 2.5% of fir..
International trade can be one of the more contentious political topics in our country. Examples from importing goods from other countries to outsourcing labor offshore leads to major political debate on both sides of the aisle. In what other ways ca..
In a recession, consumers have less income to spend. As a result, if dining out is a normal good, then which of the following would happen to the demand curve for dining out?
If the market is made up of 100 individuals with demand curves identical to Mr. Smith's, Illustrate what will be the point also arc elasticity for the conditions specified in parts a also b
Use the B/C method to determine which should be selected at a discount rate of 0.75% per month over a 6-year study period.
You have just been hired by SecuriDoor Corporation, the manufacturer of a revolutionary new garage door opening device. The president has asked that you review the company’s costing system and “do what you can to help us get better control of our man..
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