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Consider a negative income tax in which an individual receives a cash benefit of B per month, and pays a marginal tax M on any income earned. If an individual’s income is Y, their combined income from earnings and benefit is then B+(1-M)Y.
a) If B = $1000 per month and M equals .3, at what level of earned income Y is the cash benefit equal to the taxes paid?
b) If B is increased to $1200 and M again equals .3, what is the increase in the earned income level Y at which the cash benefit equals the taxes paid?
c) If the poverty threshold for a family of four is $2000 per month, how would you set B and M?
d) What problems do you see in using a negative income tax to support low income families?
Classify the following as automatic stabilizer, discretionary fiscal policy, or not fiscal policy a. the federal government increases spending because of the war in Iraq and Afghanistan b. the Federal Reserve increases the money supply
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Suppose a firm finds that the marginal product of capital is 60 and the marginal product of labor is 20. If the price of capital is $6 and the price of labor is $2.50, describe how the firm should adjust its mix of capital and labor? What will be the..
The Lemon Test involves the Supreme Court's interpretation of which of the following constitutional provisions?
A firm has the following relationship between the number of employees it has (E) and its daily output: Employees (E) output APE MPL VMPE 0 0 1 50 2 60 3 68 4 74 5 78 6 80 In the table above, calculate and enter the average products of labor (APE).
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In his will, a man wishes to establish a perpetual trust to provide for the maintenance of a small local park. If the annual maintenance is dollar 7500 per year and the trust account can earn 5% interest, how much money must be set aside in the trust..
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Suppose that the Bank of Canada unexpectedly decreases the money supply. What will happen to unemployment in the short run? What will happen to unemployment in the long run?
What were the major areas of disagreement between John Maynard Keynes and the classical economists?
Suppose cookie sales fall as consumers become more carbohydrate-conscious. If the cookie industry is a constant-cost, perfectly competitive industry, this decline in market demand will cause market supply to?
You now know everything you need to know to be an informed critic of the Affordable Care Act. Based on all that you have learned, how does the Act measure up to our three goals of 1) increasing quality of care, 2) increasing access to care and 3) kee..
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