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The City of Philadelphia still heavily taxes income at the city-level (even though Phillyresidents also pay state and federal income taxes of course). One of the proposals aroundby one of the mayoral candidates is to lower the city tax rate. Opponents argue that thispolicy would make the city's fiscal deficit even worse. People in favor argue that anincrease in deficits is not necessarily a consequence of lower tax rates.
a) Which group is right? Explain.
b) What would be a benefit of lower taxes?
The long-run average-total-cost curve shows. Total fixed costs generally decline as output is increased. Average total costs tend to be U-shaped. As output increases, average variable costs converge to average total costs.
Assume an open, mixed economy (C + I + G + X = real GDP) and an MPS of .2. Explain if it would be expansionary, contractionary, or useless to the economy to increase government expenditures by $50 billion and also increase taxes by $50 billion.
The demand curve for T-shirts in the US is given by Q = 100 – P, where Q indicates the number of T-shirts purchased and P is the price. Suppose that there are no T-shirts produced in the US, but they can be imported either from Mexico or from the res..
Asymmetric information is a problem in many markets, such as the used car market, the insurance markets, and the credit markets. Choose one of these three markets, and using some of the concepts you learned from this module, discuss the questions bel..
Suppose that $2,000 is placed in a bank account at the end of each quarter over the next 15 years with the first deposit made 3 month from today. What is the future worth at the end of 15 years when the interest rate is 6% per year compounded quarter..
Illustrate what should be the construction level if fixed costs rose to $48,000 per month?
Dewey Cheatham is the new Vice President of Marketing for a large online search engine company, Pottstown Innovative Enterprises (AKA, PIE). The shipment of prescription drugs from pharmacies outside the United States to customers in the United State..
q1. what do you mean by an institution? explain how do institutions influence economic life? also explain how does
Decrease DEMAND (finding alternatives to oil). Graph how these two changes will bring about lower gas prices. Which school of thought do you subscribe to?
Illustrate which of the three cases, if any, do you think that demand has increased more rapidly than supply. Explain your reasoning.
U.S. firms can produce and sell electric fans for $40. The United States can also import electric fans from China at $42 (including tax) each and from Canada at $50 (including tax) each. Now suppose that the United States forms a free-trade area (NAF..
What are the four reasons or justifications for government intervention in the economy? Describe two in details, providing an example of each.
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