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To assess the feasibility of a guaranteed annual wage (negative income tax), the Rand Corporation conducted a study to assess the response of labor supply (average hours of work) to increasing hourly wages.* The data for this study were drawn from a national sample of 6000 house- holds with a male head earnings less than $15,000 annually. The data were divided into 39 demographic groups for analysis. These data are given in Table 10.14. Because data for four demographic groups were missing for some variables, the data given in the table refer to only 35 de- mographic groups. The de?nitions of the various variables used in the analysis are given at the end of the table.
a. Regress average hours worked during the year on the variables given in the table and interpret your regression.
b. Is there evidence of multicollinearity in the data? How do you know?
c. Compute the variance in?ation factors (VIF) and TOL measures for the various regressors.
d. If there is the multicollinearity problem, what remedial action, if any, would you take?
e. What does this study tell about the feasibility of a negative income tax?
Does the increase in the current price increase or decrease the asset’s average expected rate of return? At what price would the asset have a zero average expected rate of return?
With respect to price elasticity of demand, create a graph using the information in figure 1. Illustrate the ranges on demand curve that indicate elastic, inelastic, and unitary elasticity.
Predict the major changes that would need to occur within the program if the trust fund disappears. Provide a rationale for your position.
1. aggregate expenditure what are the components of aggregate expenditure? in the model developed in this chapter which
mary has variable costs equal to vc y2 f where y is the number of bouquets she sells per month and where f is the
framjam sports equipment produces basketballs at its factory in kentucky and soccer balls at its factory in illinois.
What factors can contribute to unemployment and how can technology lead to greater unemployment, or is it a benefit to the economy?
Is current U.S.Monetary Policy expansionary or restrictive?Do YOU think that current U.S. Fiscal and Monetary policies should be expansionary or contractionary? Briefly indicate why YOU think this way.
Write down the budget constraint
An eminent labor economist found that the return to the investment in a Ph.D. in English is negative 10%, yet many people still pursue this degree. Is this irrational behaviour? How can you explain this in terms of human capital theory?
Determine what fiscal policy measure has a more direct impact to the economy, an increase in government spending or an equal decrease in taxes if consumer confidence is lower than the previous month.
What are some costs of unemployment
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