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Answer the following two questions as asked in the hypothetical example below. Your answer should be based on economic rationales. Each question (i.e., the answers provided to the questions posed in each meeting) It is May 16, 2011, Rahm Emanuel's first day as Mayor of Chicago. You have been selected as his primary economic policy advisor and will attend two briefing meetings with him today. You have been tasked with providing the new mayor "the economics perspective" on the various policy proposals awaiting his deliberation. The first meeting is with the Department of Revenue. Mayor Emanuel has been asked to consider cutting Chicago's portion of the state sales tax by 20 percent - from 1.25% to 1% - while working with state legislators to expand the tax base by closing the loopholes that allow luxury goods to go untaxed. These goods - like private club memberships, pet grooming, limo services, tanning parlors and interior design services - are not subject to the sales tax under the current system. How would you advise the mayor on this proposal? The second meeting is with the new CEO of the Chicago Public Schools. The CEO has been working with the Obama Administration about receiving additional grant funding under the US Department of Education's Race to the Top competitive grant program. The CEO asked Mayor Emanuel whether he should lobby for this grant funding in the form of a matching grant or an unconditional block grant. How would you advise the mayor on this decision? In order to sharpen his negotiating leverage, Mayor Emanuel asks you what you think the US Department of Education's preference will be on the type of grant. How would you respond and why?
Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them also staff them with employees.
Assume a bank faces a required reserve ratio of 5 percent. If a bank has $200,000 millino of checkable deposits and $15 million of total reserves, then how large are the bank's excess reserves?
Suppose the price level and value of the U.S. dollar in year one are 1 and $1.00, respectively. If the price level rises to 1.25 in year two, what is the new value of the dollar? If, instead, the price level falls to 0.50, what is the value of the do..
As a currency appreciates:
q.the manager of the aerospace division of general aeronautics has estimated the price it can charge for providing
The initial cost of a pickup truck is $10323 and will have a salvage value of $3850 after five years. Maintenance is estimated to be a uniform gradient amount of $160 per year, with zero dollar for first year maintenance. The operation cost is estima..
During the month, there are 26 workdays. The company has 15 workers.
Elucidate how much of the tax is borne by consumers also Elucidate how much by producers. Illustrate what is the new CS also PS.
A watch manufacturer finds that at 1,000 units of output, its marginal costs are below average total costs. If it produces an additional watch, will its average total costs rise, fall, or stay the same?
What are the social and global economic impacts on health care in the present day relating to budgetary cuts from the various levels of government (local, state, and federal)?
The following is a labor supply function: Wage per hour Quantity of Nurse Supplied $2 1 4 2 6 3 8 4 10 5 12 6 Nurses are used by the clinic to provide clinic visits.
Suppose that Q = K1/2L1/2, w = $2 and r = $2. The combination of inputs that minimizes the cost of producing 2000 units and the total cost are:
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