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Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low. In an effort to improve the "welfare" of such workers the government offers to pay each low skilled worker $100 with the condition that they do not work any hours.
a. Can this plan succeed in increasing a worker's welfare? Demonstrate.
b. Must the plan be successful? Demonstrate.
c. From the worker's prospective, on what does the success of the plan depend? Explain.
Assume that there're 10 million workers in Canada and South Korea and each worker in Canada and South Korea can manufacture four cars per year.
Define and describe the difference between the absolute advantage and the comparative advantage.
Provide brief but theoretically sound explanation for each of the following.
Some politicians in countries that are the recipients of large numbers of immigrants advocate adopting laws requiring immigrants to learn the local language within a specified period of time.
How might there be increase in total spending on a child's education in response to providing a fixed level of education?
Graph the accompanying demand data, and then use the midpoint formula for E d to determine price elasticity of demand for each of the four possible $1 price changes.
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are:
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
What types of inefficiencies and/or externalities arise in each renewable resource case that interferes with sustainable and efficient management results?
What is the value of the money multiplier? What is the value of the nomial money supply? What are the nominal values of deposits, currency and reserves?
Application of Nash Equilibrium and Game Theory with examples
What do you regard as the main weaknesses of the Ricardian or Classical model as an explanation of the trade patterns? Why do you regard them as weaknesses?
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