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can you explain (in your own words) the difference between Proportional Taxation and Progressive taxation. If you have a job where you pay taxes, which type of tax do you think your employer uses on you (for the deduction)? Please explain.
You have $100 to spend on food and clothing. The price of food is $5 and the price of clothing is $10. “It is not possible for a fall in the price of clothing to $5 to reduce the amount of clothing purchased.” show how the budget constraint changes w..
You are the oil minister of one of 5 key OPEC countries. The world demand for oil can be reduced to Q = 100 – p and therefore p = 100 – Q (where p is dollars and Q is in millions of barrels/day). You are considering cheating on the rest of the cartel..
Quantity demanded is: A. the amount of a good or service that a buyer is able and willing to sell at a given price. B. the amount of a good or service that a buyer is able and willing to purchase at a given price. C. always equal to the equilibrium q..
A computer in surface of road picks up a signal from your car and automatically charges you for use of road. Explain how could this technological change contribute to ending bottlenecks and rush hour congestion.
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, Illustrate what were the economic incentives for producers.
What provision of the U.S. Constitution has played the most important role in the development of civil rights policy?
Suppose two firms supply the market for computer chips and their products are perfect substitutes. The firms choose what quantity to produce independently, i.e. compete as Cournot. What is the one-period Cournot-Nash equilibrium output and price? Wha..
imagine that you work for the maker of a leading brand of low calorie frozen microwavable food that estimates the
What many of us may not realize is that there is a market for currency (money) just like any other market. So let's consider the demand for money. Class, what are the two primary determinants of demand for money?
Evaluate whether each of the following statements is true or false. Explain your answer and provide supporting rationale. If the real money demand is greater than the real money supply, interest rates must rise to reach equilibrium in the money marke..
Assume that the MPC=0.6 for every consumer in the economy. You have just received a tax cut of $20000. How this action by the government will affect your spending plans? What would be the total effect on the economy of this action? (Assume that t=0, ..
You operate your own business selling university t-shirts. The demand schedule for your t-shirts is as follows: P = 25 - 0.5Q. Graph and label the demand curve for your t-shirts. Calculate the price elasticity of demand when price equals $10. In what..
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