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Consumer Choice and Free Goods:
Suppose poor people spend their money on two goods: booze and food. The government doesn't want low-income welfare recipients to spend the money it gives them on booze, so it gives them food stamps to be used only on food.
a) Using the consumer choice model, illustrate how, paradoxically, giving people food stamps could lead to an increase in booze-buying. (Hint: First draw the budget constraint without food stamps and then with food stamps.)
b) Using the consumer choice model, illustrate how giving a poor person cash instead of food stamps will result in higher utility.
Suppose Georgette earns $13 an hour installing transistorized digital chips in electronic calculators. If you were unemployed, would you offer to work for $8 an hour to get the job? Why might a profit-maximizing employer turn down your generous offer..
Norton and Ralph have a utility possibility frontier that is given by the following equation, UR + (UN)^2 = 100. (a) Plot the utilities possibilities frontier on a graph with UR on the vertical axis and UN on the horizontal axis. (b) Derive an equati..
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In the Solow growth model, suppose that the marginal product of capital increases for each quantity of the capital input, given the labor input. That is, we relax the assumption that there are diminishing returns to capital and instead assume there a..
Consider the difference between empirical scientific evidence and anecdotal evidence. Explain which is considered more useful to the study of public policy and state why. Provide appropriate examples and support for your rationale.
Explain how they will help to improve the GDP as a tool for measuring the well-being of a nation.
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1. What is efficiency? Is it the only goal of economic policymakers?
Illustrate what would occur to the level of domestic investment.
Federal excise taxes on gasoline vary widely across the developed world. The United States has the lowest taxes at USD $0.40 per gallon (or L0.07 per litter), Canada has taxes of $0.60 per gallon, Japan and much of Europe is $2.00 per gallon, while B..
Under both President Bill Clinton and President George W. Bush, members of the opposition party in the Senate often blocked the president's nominations to district and circuit courts. Under what circumstances are such blocking actions a legitimate ex..
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