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Achieving lower pollution Suppose the government decides to raise the gasoline tax as a way to reduce air pollution and traffic congestion to their optimal levels. Which of the following describes why corrective taxes, such as the gasoline tax, are unlike most other taxes? A. Other taxes are typically used to cover general spending, but funds from corrective taxes can be used only to alleviate pollution. B. Corrective taxes alter incentives, whereas other taxes typically do not. C. Other taxes get passed on from businesses to consumers, whereas corrective taxes do not. D. Corrective taxes bring the allocation of resources closer to the social optimum and, thus, improve economic efficiency.
The inverse demand function for the market is P = 120 - 2Q. There are two firms: A and B. The cost for firm A are C(qA) = 18qA, and the costs for firm B are C(qB) = 18qB. Assume that both firms choose quantities simultaneously. What is each firm's be..
As the number of firms in an oligopoly decreases:
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U is interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the proba..
In 2016, economists forecast the U.S. MPS will be 0.15 and the MPM will be 0.10. Estimate the maximum overall total effect on national income of the following two changes in fiscal policy: A decrease in govt spending of $100 billion and a decrease in..
Suppose the U.S. president is attempting to decide whether the federal government should spend more on research to find a cure for lung cancer. He asks you, one of his economic advisors, to prepare a report discussing the relevant factors he should c..
Can the government rely on seignorage to finance an ever-increasing fiscal deficit? Explain why or why not. Use the appropriate graphs to illustrate your answer.
Elucidate each of the following statements using supply- and- demand diagrams. a. " When a cold snap hits Florida, the price of orange juice rises in supermarkets through-out the country."
Solve for the change in consumer surplus, the change in producer surplus, the change in government revenue and change in total surplus (i.e. the deadweight loss) from the market without the tax.
Which is the safer investment, Company A Stock, Company B Stock, or a porfolio containing half of each If you make a lucky prediction about the prices of the stocks of the two companies, will you earn more or less if you invest in that company rat..
What relationship, if any, exists between a firm’s market share to their average costs in a competitive market? Why might firms with cost advantage not expand indefinitely?
A 2,000 square foot house in New Jersey costs $1,725 each winter to heat with its existing oil-burning furnace. For an investment of $5,000, a natural gas furnace can be installed, and the winer heating bill is estimated to be $1,000. If the homeowne..
Consider an exchange economy with two goods, good 1 and good 2, and two consumers, A and B. The preferences of the consumers can be described by a convex indifference curve. A’s initial endowment consists of 10 units of good 1 and 15 units of good 2,..
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