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In mid-February 2008, President Bush and Congress approved a $168 billion stimulus package that will provide tax rebates to all taxpayers, that is to those who file their tax returns. The tax stimulus was in addition to a tax rate cut, which was implemented earlier in 2002. The stimulus checks were mailed in May 2008. In February 2011, under President Obama administration, Congress voted to extend the Bush era tax rate cut to all levels of income.
Please analyze the stimulus package by using the income multiplier. (A tax rebate is a decrease in autonomous tax, the To in the total tax formula mentioned in class).
Using the derivation of the income multiplier, which we discussed in class, please show the effects of:
5ai - A tax rebate on the US GDP; and
5aii - A tax rate cut on the US GDP.
Which tax strategy has a stronger effect in the long term?
Use the National Longitudinal Survey Youth Sample dataset (wagepan) for the questions that follow. The data has been analyzed by Vella and Verbeek (1998) in their study on the impact union membership has on wages for young males.
In a thoughtful position paper, take a stand on the regulation or deregulation of business in America as it affects the general welfare of the people. In your argument, be sure to acknowledge the points made by those who may hold a contrary opinion.
Identify one product that is commonly bought and sold in the economy that has experienced a recent price change. Based on your understanding from the readings and the other material from this module, provide three reasons why you think that price has..
Which of the variables above is NOT statistically significant at the 0.05 level.
Suppose that a computer software company controls the operating system market. Although the government knows that the price is higher than it would be in the presence of competition, Which of the following policy options might most effectively enable..
Use demand and supply graphs for the federal funds market to analyze each of the following three situations. Be sure that your graphs clearly show changes in the equilibrium federal funds rate. How does the Fed plan to increase the fed funds rate goi..
Discuss the pros and cons of keeping the federal funds rate near zero percent. Do you think the Federal Reserve was ever concerned about facing a liquidity trap? Yes or no? Discuss.
What is the price of an hour of leisure? An hour of nonmarket work? What does it mean to say that leisure is a normal good? Why doesn't the market supply curve for labor bend backward?
Which of the following is not an example of a "lag" that diminishes the potential impact of fiscal policy?
What are the effects on the price level and real GDP of a major union wage settlement that significantly increases wages or a sudden increase in price of an important raw material, such as oil. Is this a supply shock, a demand shock, or both? Can you..
Compare the efficiency of the following two methods of amending the just-compensation constraint: Define just compensation to be fair market value (including relocation costs) plus, say, 20 percent. b. Allow private property owners to make their own ..
What is the capitalized equivalent amount worth, at 8% annual interest compounded semi annually, for a present initial cost investment of $50,000, a series of semi annual positive disbursement of $5,000 that extent to infinity, and in 12 years there ..
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