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Baseball players and movie stars get paid millions of dollars to hit baseballs and act, respectively. We want our kids to be well educated, and we always talk about how valuable public school teachers are, but we don't really want to pay them that much. If the average NYC public school teacher teaches 30-35 students per class, per year x 6-8 classes per year and does that for 10 years, he/she has touched the lives of thousands of young people helping to develop their intellect. What is that worth to society? Apparently, not that much. NYC public school teachers, and inner city school teachers more generally, are paid about $10,000 less than their counterparts in the suburbs - who have smaller classes, more resources, more teacher's aides, etc.. Imagine if we paid the math teacher only 1% of Alex Rodriguez's salary (the math teacher would earn $295,000 per year). Brad Pitt spends 6 weeks working on a movie, has his expenses paid for, and gets paid 25 million dollars for doing so, plus a portion of the films profits from ticket sales and video releases, while Jerry Seinfeld (when his tv show was on NBC) earned 5 million dollars per episode plus royalties every time the show is re-run; Jerry's fellows stars only earned 1 million per episode. NYC starts the average social worker somewhere between 30-35 K per year while overburdening them with a caseload that would make your head spin. Yet we say that protecting children is important. Is there something wrong here?
Discuss this - but use some supply and demand terminology - determinants of each, laws of each, etc., Bring in other examples you can think of - discuss those.
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.
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Problem based on Utility Function - Problem, Answer and explain the following using a diagram which is completely labeled.
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Question Positive Balance of Payment: "Things will look good for the US if we could just get to where we are consistently running a positive Balance of Payments."
Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
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