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What populations have performed the bulk of the agricultural labor in the U.S. since the beginning of the 19th century? Do you think getting paid for "piece work" (e.g., paid per unit picked) rather than an hourly wage is a fair and equitable system for both farmer-owners and agricultural laborers/employees? Why or why not?
Regarding inflation, as I mentioned earlier, the recent effects of lower prices for crude oil and for imports on overall inflation are expected to wane during this year. Explain why the FOMC is concerned not only about actual recent inflation rates a..
Suppose that a consumer is currently spending all of her income on 10 units of goods A and 5 units of goods on B. The price of A is $4.00 per unit, the price of good B is $10.00 per unit, the marginal utility of the last unit of good A consumed is 20..
Consider a class of 25 Microeconomics students, some of whom are confused about a concept after a professor explains it. A student who reveals his confusion by asking a question loses 10 utile. However, when the professor clarifies the concept, each ..
Shift the supply or demand for loanable funds functions to reflect the impact of the shock. Indicate whether the real interest rate and the quantity of loanable funds Rises or Falls. Households become concerned about social security and decide to sav..
What are the two properties of public goods? List an example of both public and private goods, andindicate whether each of them possess these two qualities. Explain why or why not.
Suppose there are only two people in society. The demand curve for person A for mosquito control is given by qA=$100−P. Suppose mosquito control is a nonexclusive good – that is, once it is produced, everyone benefits from it. What would be the optim..
Next, describe how the world has changed in terms of global trade in the past 10 years. Based on the assigned readings, what do you think developed countries such as the United States, Japan, Germany, and England will face in terms of competition fro..
The False Claims Act, also known as the Whistleblower Statute, allows private parties to sue companies for fraud on behalf of the government. The whistleblower can be awarded up to 25 percent of the amount recovered on behalf of the federal governmen..
Suppose that a biotech firm makes diagnostic tests and has a fixed-proportions production function in which one unit of output (diagnostic test) is produced using one worker and two units of capital (machines). Draw 3 isoquants for this production f..
Suppose the government of Washington is considering the addition of a new tax on firms. You have been called in to provide expert analysis on how such a tax would affect employment of labor. There are 3 proposals the government is considering:
If Clancy buys a coupon to pays when Sullivan wins Illustrate what is the induced lottery to he faces. Illustrate what is its expected value.
Consider a person who can work up to 80 hours each week at a pre-tax wage of $20 per hour but faces a constant 25% payroll tax. Under these conditions, the worker maximizes her utility by choosing to work 40 hours each week. On a single graph, draw ..
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