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Suppose the government provides citizens with free electricity. Specifically, electricity Producers receives a subsidy that reduces the price of energy that consumers pay to zero, i.e. the equilibrium price with the subsidy is zero. Using the tools of analysis developed in this course, demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society's economic welfare.
Political business cycle: Do economic events affect presidential elections? To test this so-called political business cycle theory, Gary Smith 20 obtained the following regression results based on the U.S Presidential elections for the four yearl..
The impact of changing from a federal income tax to a federal consumption tax would be:
The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.
Indicate whether each of the following statements is true or false and explain why.
Bridget has limited income and consumes only wine and cheese; her current consumption choice is four bottles of wine and 10 pounds of cheese.
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
A pure monopolist determines that at the current level of output the marginal cost of production is $2.00, average variable costs are $2.75, and average total costs are $2.95.
Robin and Terry are Stranded on a deserted island and consume two products, coconuts and fish. In a day, Robin can catch 2 fishes or gather 8 coconuts, and Terry can catch 1 fish or gather 1 coconut.
Exchange and markets, Demand supply and market equilibrium
Assume that you're a member of the Board of Governors of Federal Reserve System. The economy is experiencing a sharp decline into a recessionary phase of the business cycle.
In which of the following circumstances is expansionary fiscal policy more likely to lead to a short-run increase in investment? Explain?
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
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