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Consider an income guarantee program with an income guarantee of $5,000 and a benefit reduction rate of 40%. A person can work up to 2,000 hours per year at $10 per hour. 1. Draw the person’s budget constraint with the income guarantee. Be sure to place appropriate labels similar to those found in the slides/lecture. 2. Suppose that the income guarantee rises to $7,500 but with a 60% reduction rate. Draw the new budget constraint. Make sure it is visible. 3. Which of these two income guarantee programs is more likely to discourage work? Explain briefly.
Do you agree with the US automakers' assertion that having to pay healthcare and post-retirement workers to the labor force negatively impacted US comparative advantage in the auto industry? Why or why not?
It's estimated the peak of oil production will peak in 2035, and gradually decline causing an increase in gasoline prices. To help reduce the dependence on imported oil and avoid large fuel price increases the U.S. government created incentives for e..
Suppose that John takes this semester only two courses, math and economics. He allocates his studying time between the two. Let M and E stand for the number grade in math and in economics, respectively. Provide a brief economic interpretation of the ..
A California grower has a 50-acre farm on which to plant strawberries also tomatoes. The farmer needs to know the number of acres of strawberries also tomatoes to plant to maximize profit.
Identify the major human activities that impact the environment. Give a specific example of such activities. Weigh the consequences, benefits, and necessities addressed by the activity and the cost of implementing a sustainable approach
A "decrease in demand" means that..
Meg's pension plan is an annuity with a guaranteed return of 4% per year (compounded quarterly). She would like to retire with a pension of $40,000 per quarter for 25 years. If she works 37 years before retiring, how much money must she and her emplo..
Suppose the production function for T-shirts can be represented as q = L^0.25 K^0.75. When K = 1 and q = 2, what is the slope of the isoquant? If there is insufficient information to answer the question, describe what information is additionally need..
Graphically illustrate the concept of an over-valuation of the dollar vis-a-vis the euro. What is the real explanation of the fact? Feel free to use your own data to illustrate the point.
Pierre, a Frenchman with a weakness for champagne, recently received a raise. His income rose from $25,000 to $40,000 a year. As a result, Pierre's consumption of Andre Champagne decreased from 15 bottles a week to 5 bottles a week. Calculate Pierre'..
If the average employee compensation grew at the rate of 3.5% per year, explain how many years would it take for it to double.
If you were to be a retailer, would you want to sell elastic or inelastic goods? State your reasons in your answer.
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