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This chapter uses the analogy of a “leaky bucket” to explain one constraint on the redistribution of income.
1. What elements of the U.S. system for redistributing income create the leaks in the bucket? Be specific.
2. Do you think that Republicans or Democrats generally believe that the bucket used for redistributing income is leakier? How does that belief affect their views about the amount of income redistribution that the government should undertake?
Suppose that the U.S. government increases income taxes on individuals earning more than $500,000/year and uses the revenue from this tax increase to subsidize the cost of energy for businesses. How will this policy change affect the U.S. economy? Th..
Let us suppose that the consumer is choosing between beer and milk. The consumer will always prefer beer to milk. However, if the consumer has two choose between two consumption bundles having equal amounts of beer and different amounts of milk, then..
The initial cost of constructing a permanent dam (i.e., a dam that is expected to last forever, perpetuity) is $425 million. The annual net benefits will depend on the amount of rainfall: $18 million in a “dry” year, $29 million in a “wet” year, and ..
Park Equipment Leasing purchased a new milling machine for $1.8 million. They depreciate it using MACRS (5-year property). They lease it to Valles Global Industries for $550,000 a year for eight years. Under the Park-O-Matic leasing option, Valles Gl..
The optimal price for a monopolist facing different demand curves in two separate markets will be. Which of the following statements is TRUE regarding network goods? Which of the following is NOT a feature of markets for network goods?
The opportunity cost of leisure: The elasticity of labor demand is higher when: The labor demand curve:
Members of some species of hermaphroditic fish choose, in each mating encounter, whether to play the role of a male or a female. Each fish has a preferred role, which uses up fewer resources and hence allows more future mating. A fish obtains a payof..
How do the salaries of major league baseball rookies and free agents demonstrate the market principles of supply and demand?
Suppose aggregate supply shifts to the left by $2,000 at each price level. What happens to the economy's macro equilibrium position? Suppose aggregate demand shifts to the right by $4,000 at each price level. What happns to the economy's macro equili..
A good is nonexcludeable if:
All this is known to both players. Suppose both players behave according to the level-k thinking model discussed in class. Two players simultaneously guess a number.
Refer to the above diagram, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product. With a PcPt per unit tariff, the quantities sold by foreign and domestic producers respectively will be
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