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(a) Consider the economy with political replacement in Section 22.4.2. Suppose Condition 22.1 fails to hold and φ = 0. Show that in any MPE or SPE, the elite prefer to block technology, that is, g = 0.
(b) Suppose that in this proposition φ is not equal to 0. Provide an example in which in the MPE, the elite would still prefer g = 0.
(c) Now suppose that the elite can charge lump-sum taxes to middle-class entrepreneurs. Provide an example in which in the MPE, the elite would still prefer g = 0. Explain why the political equilibrium might involve the use of inefficient fiscal instruments, even when more efficient alternatives exist.
In particular, assess whether, in your view, its continued funding is critical to the country in light of the federal debt, redundancies, free market alternatives &, especially whether its actual existence is consistent with the purpose of governm..
It is estimated that US tobacco settlement betwwen major tobacco companies and 46 states caused the price of cigs to jump by 45 cents per pack (21 per cent) and overall per capita cig consumption to fall by 8.3 per cent. What is the elasticity of ..
The state Power Department argues that a 5 percent discount factor should be used in evaluating the projects, because that is the government's borrowing rate. The Human Resources Department suggests using a 12 percent rate.
from this, equilibrium leads to 1100-5P = -100+P ⇒ P = 200 and Q = 100 Suppose the world price is still 120. Assume that the government now imposes an import quota of 300 units. Under the new quota,
What were the aggregate supply shocks to the American economy during the 1970s and early 1980s How did these shocks affect interpretation of the Phillips Curve What are the characteristics of the long-run Phillips Curve
Bakka Bee, a construction firm in Toronto Canada. They are a firm with 200 employees in five countries. One of their divisions - in Peru - has encountered difficulties and may have to be liquidated. The company uses computers for everything from d..
For the first time in two years, Big G (the cereal division of General Mills) raised cereal prices by 2 percent. If, as a result of this price increase, the volume of all cereal sold by Big G dropped by 3 percent,
Lori, who is risk averse, has two pieces of jewelry, each worth $400. She wants to send them to her sister in Mexico. She is concerned about the safety of shipping them. She believes that the probability that a shipped package will not arrive is q..
Enter the estimate of the intercept term of the first stage regression in the box and enter the 25LS estimate of t3L in the box below (rounded to 3 decimal places).
Can you say what happened to the overall "price level"?
If the United States imposes a tariff of $3 per pound, what will be the U.S. price and level of imports? How much revenue will the government earn from the tariff? How large is the deadweight loss?
Abc Inc. sells bike tires for $25. It's sales have averaged 8,000 units per month. Recently its closes competitor Efg Inc. reduced their price for bike tires form $35 to $30. A result Abc's sales declined by 1.500 units per month.A. what is the ar..
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