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4) Suppose the federal government were to levy a national property tax on all housing in the United States. Assume that all households are renters, are perfectly mobile, and have homogenous tastes.a) Assuming the money raised by the property tax is wasted, which parties (landlords, capital owners, or consumers) are likely to bear the incidence of this tax? Why? State clearly any auxiliary assumptions necessary to arrive at your conclusion.b) Now suppose that the money is not wasted. Rather it is spent on reducing class sizes at public schools. Suppose households value the reduction in class size by more than the dollar cost of the tax. What will happen to the price of land and the price of homes?5) The most common mode of transportation in the U.S. is by automobile. Automobiles generate a variety of externalities via their effects on traffic, fatalities, and the environment. This leads most economists to suspect that the level of driving in the U.S. is far above its efficient level.a) A standard suggestion of economists is to levy a tax on behavior generating negative externalities. Suppose we choose to impose a tax on gasoline because it is highly complementary with driving. Show and explain, using a diagram, the factors determining the optimal gasoline tax.b) In practice much of the information necessary to determine the optimal gas tax is difficult to come by. Suppose, in order to make up for its recent budget shortfall, the state of California decides to levy a statewide tax of two dollars a gallon on gasoline. What are some indicators we could look at to determine whether this tax is too large from a social efficiency perspective?c) An alternative to taxing gasoline is to subsidize public transportation. Why might such subsidies be relatively ineffective at reducing automobile usage?
why is culture change important in long-term care? select one type of long-term care and present 3 barriers to
kean university professor henry saffer and wharton school of business professor dave dhaval estimated that if the
The availability of jobs at higher real wages motivates many people to migrate—legally or illegally—to the United States. Other things being equal, what impact would a large influx of immigrants have on real wages? What impact would it have on real w..
Further, assume that the countries have similar resource endowments and that, initially, they are not trading with each other. Therefore, each of the countries has to produce both rice and tea for its citizens. Suppose that, in the no-trade situat..
Arrow Impossibility theorem states that a social choice function satisfying certain basic properties does not generally exist. What is the importance of this theory for public theory?
Write down the some real-life examples of monopolistically competitive, oligopoly, and monopoly markets.
if the economy faces a recession what type of policy should the federal reserve bank employ? specifically what must
First, identify and describe the three basic questions that all economies must answer. Write a thorough paragraph for each of the three basic questions and be sure to explain how any of these questions relate to demand, scarcity, technology, the d..
select one 1 of the following categories of products to research sports apparel automobiles home furnishings or
Industrial countries are not usually involved in currency bailouts since they are not likely to be affected by the devaluation of another country's currency.
Sunrise Surf Shop is willing to produce 30 surfboards in the month if it can sell each board for $300. If it can receive $500 for each board, the shop is willing to manufacture 70 surfboards.
A 50-kilowatt gas turbine has in investment cost of $40,000. It costs another $14,000 for shipping, insurance, site preparation, fuel lines, and fuel storage tanks. The operation and maintenance expense for this turbine is $450 per year.
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