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Suppose that Jean is an unskilled worker who is making the market wage of $7 per hour and that the market for unskilled labor is competitive. Suppose further that the government is proposing to increase a payroll tax to fund changes to Social Security and is debating whether to levy the tax on employers or workers.
1. Assume there is no minimum wage. If Jean could lobby the government, what position should she take regarding whether the tax should be levied on employers or employees? Explain.
2. Should a $7.25-per-hour minimum wage change Jean's position? Why or why not?
q.a borrower takes out a loan from a bank and can invest in a risky project that will produce revenue of 185 with
Explain how the aggregate supply and Phillips curves are related to each other. Can any information be derived from one that cannot be derived from the other? How do short- and long-term Phillips curves differ? (Hint: In the long run, we return to a ..
people who want to borrow to finance their investment spending. How are savers and borrowers brought together.
The demand for football tickets is Q = 360 – 10P and the supply of football tickets is Q= 20P. The government levies a per-ticket tax of $4, which is paid by consumers. Calculate the after-tax price paid by consumers. Calculate the gross price receiv..
Assume in parts (a) – (c) that the Fed has decided that a slow (50 basis points per year) rise in the Federal funds rate is likely the correct approach to balancing risks of holding inflation to around 2% per year while maintaining enough growth in G..
Present the arguments for free trade and the arguments for protection of the US domestic steel industry. Analyze and evaluate the arguments. What policy should we follow in the steel industry and why?
Given the experience of the last several years, Elucidate how has the valuation of dot.com changed.
Explain the main differences between the three main nominal anchor choices presented in Chapter3: i) Exchange Rate Target; ii) Money supply target; and iii) Inflation target plus interest rate policy. Use equations to support your answer and do not f..
Suppose that the government imposes a temporary tari? on all imports, which makes imports more expensive relative to domestic residents (reducing the trade balance for any fixed level of the real exchange rate). Discuss the implications of this polic..
Insurance and social policy. You have been hired by an insurance company to help them launch a new product which would pay for long-term care in a nursing home for people at an average cost of $150,000/year. Who would you expect would buy your policy..
Explain how much must government spending increase to eliminate the GDP gap.
The marginal value schedule for Moe and the marginal cost schedule for Larry for apples are shown below. Find a single price that all mutually preferred trades can occur. What are the gains from trade?
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