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1. Externalities and the Environment
Meyer describes the "Tragedy of the Commons." The IMF article explains how this type of problem is an example of an "externality." What is an externality? What might be a good government policy to solve the problem of the environmental externality that leads to high green house gas emissions?
2. Moral Hazard and Adverse Selection
"Moral hazard" is a term often used in the context of peoples' behavior once they have insurance. Szuchman and Anderson explore the idea of moral hazard in personal relationships. How would you define moral hazard? Provide an example of moral hazard that you have observed in your own community or workplace.
How does moral hazard differ from adverse selection? Provide an example to illustrate this concept.
Sam has preferences for consumption goods (C) and time spent on leisure (L). The utility function is u(C,L) = CL. The household also has a home production technology summarized by a production function. How much time will Sam spend in leisure? How ma..
For 196 nations, the United Nations Human Development Index ranks countries by GDP per capita and by "human development" based on health.
In 2014, the annual wage "ceiling" for workers aged 62 to 64 was $15,480. How large of a monthly Social Security check would a 63 year old retiree get if her maximum benefit is $1,600 per month and she continues working for wages of $3000 per month? ..
Are there any changes in the system that could improve savings rates? Should saving be the sole responsibility of individual citizens, or should corporations, financial institutions and markets, and government agencies have active roles in regulating..
Consider a labor market where the current equilibrium wage rate (W) is S5 and there are 50,000 individuals employed. Assume that the elasticity of demand for labor (ED) is equal to -0.2 and that the elasticity of supply (Es) is equal to 0.1. Now, if ..
A firm purchased some equipment at a very favorable price of $30,000. The equipment purchased in an annual net savings of $1000 per year during the 8year it was. At the end of 8 years, the equipment was sold for $40,000. Assuming interest did the equ..
In an open economy with few capital restrictions and substantial import-export trade, a rise in interest rates and a decline in the producer price index of inflation will
Suppose the government is considering a tax policy that will reduce taxes by $100. In the economy, household consume 80% of each additional dollar earned. Assume that the tax cut has no effect on GDP (Y). Calculate the change in private savings. Calc..
A situation in which the Fed holds interest rates constant (at a low level) in order to increase the effectiveness of fiscal stimulus is known as ___________.
Access the Western National News Online Newspaper. This is the link: http://paper.li/evansjcksn/1348241196 Find at least three blogs or news reports surrounding the Anti-Islamic Video Protest that began in Lybia.
Two clinics want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $60,000. One clinic has a volume of 7,200, marginal costs of $60, and a market share of 2 percent. What are the total costs, revenues, and profits ..
Explain due to a growing US economy, the overall market demand for nails will increase by 2%. Based on this information, should you plan to increase or decrease your production of nails.
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