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(Federal Budget Deficits)Try your hand at balancing the federal budget by trying the National Budget Simulation at UC Berkeley's Center for Community Economic Research at https://www.budgetsim.org/nbs/.
a. Develop a budget and see what happens. Were you successful in balancing the budget? If not, how much of a deficit or surplus did you end up with? What does this exercise tell you about the process of creating a balanced budget?
b. Reexamine the budget cuts or increases you made. What problems would such changes pose for a politician facing reelection?
c. This budget simulator allows you only to change spending and tax expenditures over a one-year period. What problems does this pose to finding a realistic economic solution for balancing the budget?
What is the probability that it will be detected by devices A or B or both? What is the probability that the system won't detect the intrusion?
What is the cost of regular unleaded fuel in your town? What are some contributing demand and supply factors to the differences in fuel prices around the country?
Consider a switchgrass farmer whose initial break-even price is $76 = $36 explicit cost + $40 opportunity cost for land. For each of the following changes, explain the effects on the farmers production cost and break-even price. (Related to Applic..
A math test of 100 questions was given to a random sample of 20 freshman. Suppose that for the population of freshman the distribution of number of correct answers would be normal with a variance of 250. a) what is the probability that the sample v..
1. Income is $2.00, the price of soda is $0.25, and the price of chips is $0.50. Construct Adam's budget line. 2. What is the utility maximizing combination of soda and chips Indicate this combination on the budget line.
Interpret the null hypothesis using your t-statistic.
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent..
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Suppose the second equation is changed to I = 500. What is the new equilibrium level of income? How much does the $100 increase in investment change equilibrium GDP?
Consider the group of x workers who are unemployed this month. After a month, what percentage of this group will still be unemployed? (Hint: If 47% of unemployed workers find jobs every month, what percentage of the original x unemployed workers d..
A single unit of a good is to be sold via an auction. There are two bidders, A and B. They are assumed to be risk-neutral. The seller knows that there are five possible values of willingness to pay, $100, $200, $300, $400 and $500.
A construction company is considering changing its depreciation from MACRS method to historical SL method for a general purpose hauling truck. The cost basis of the truck is $100,000, and the expected salvage value for depreciation purposes is $8,..
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