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Question: Ricardian equivalence: Suppose that the government fears the economy might be heading into a recession and decides to cut income taxes today in an effort to prevent the recession.
(a) How does the Ricardian equivalence argument apply in this case? How will consumption respond according to this argument?
(b) How will your answer change if some individuals are borrowing constrained?
The following table lists the name, gender, and height and reservation wage of 10 persons willing to work as fire fighters in Timber Creek. What is the lowest wage that Timber Creek must pay to hire five fire fighters? You answered the question $380/..
Taiwan and Jamaica are both islands that have pursued export-oriented development strategies, but Jamaica has experienced increases in unemployment and poverty, while Taiwan has experienced decreases. How might you explain this?
What is the significance of an income elasticity of demand and what is the significance of an income elasticity of demand that is equal to -0.25?
Using the situations above, prepare a 5-10 page Microsoft Word document that addresses the above situations and meets APA standards.
Examine the factors that determine the price of computers in a free market.
collect data on sales from any retail store of choosing for the last 10 months or 10 years. Predict the sale for the 11th month or 11th yr using a 3-month moving average and a 4-month moving average. Calculate the MAD for the 3-month or 3yr and 4m..
Which, if any, of the following changes is likely to cause reported GDP (real and nominal) to increase when, in fact, total economic production is little changed?
Identify an economic issue that is important in your community. You may choose to talk to your instructors and members of your family. View a list of economic policy topics you may choose to consider.
You have considered insuring a particular item of property (such as an expensive camera, your computer, or your Stradivarius violin), but after considering.
Suppose that Martha's income is $40,000 per year. She can spend it on health care visits, which cost $80 per visit, or on groceries (standing for all other goods), which costs $100 per bag of groceries. Draw Martha's budget constraint. Using Indif..
Describe the short-run and long-run effects on real output and the price level for each the following events. Assume the economy begins at short-run and long-run equilibrium. Justify your responses with reasoning.
According to the human skills theory of comparative advantage, developing countries would be expected to have a(n). After-transfers family income is the sum of
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