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Suppose the Earned Income Tax Credit gives workers 40% of their earnings for earnings up to $15,000 and begins to reduce the credit by 20% for every dollar of earnings above $22,000. For an individual who earns $10 an hour and can work a maximum of 4000 hours in a year
A) Draw the budget constraints before and after this EITC goes into effect. Label the number of hours of work and money income for each kink in the budget constraint.
B)Draw indifference curves before and after the EITC goes into effect for 4 people:
1) A does not work at all before the EITC goes into effect
2) B works 1200 hours
3) C works 2000 hours
4) D works 2500 hours
C) Explain the income and substitution effects of the EITC on these 4 people
D) State how hours of work and money income will change (more, less, no change)
Assume that a nation’s marginal propensity to consume is 0.8, and that its potential GDP exceeds its actual real GDP by $3000 (There is a recessionary gap). By how much should that nations’ government initially change its spending (G) in order to clo..
Your organization is considering offering a flexible benefit plan but has been advised that it could create a higher risk for adverse selection.
This problem explores the issue of truthfulness in the Stable Matching Problem and specifically in the Gale-Shapley algorithm. The basic question is: can a man or a woman end up better off by lying about his or her preferences? More concretely, suppo..
How is the Chairman of the Board of Governors selected. What is the makeup and purpose of the Federal Open Market Committee? List and briefly describe the major functions of the Federal Reserve System.
If U.S. spent on $100 on consumption, $500 on investment, $200 on importing goods or services from foreign countries and $600 on government spending in 2015. Then how much U.S. should have spent on exporting domestic goods or services to foreign coun..
California is a large producer of strawberries. Oh No! There is a killer frost that kills half of the crop! (A)How has this affected supply or demand of strawberries? (B)What has happened to the price of strawberries? Please justify your answer by gr..
In "Decision making in a democracy: the supreme court as a national policy maker," I have have the following question: How does Dahl describe the role of the Supreme Court? In what ways does the court serve as a policy making institution? is it too p..
In what ways do you think their behavior would differ from comparable doctors in a not-for-profit hospital in the US?
The benefit of cutting down a forest is $1 million now. the environmental cost of that harvest is $10/year forever.
Illustrate what monetary policy tools should the Fed use to achieve the results you recommend.
An upward or downward movement along a given demand curve or involves an outward or inward shift in the relevant demand curve for housing.
Suppose that aggregate planned expenditure increases by $0.75 trillion for each $1 trillion increase in real GDP. Compare the shift of the AD curve with the $1 trillion increase in investment. Explain the magnitude of the shift of the AD curve.
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