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In each case, indicate whether the statement as given is true/false/uncertain and explain why. Points will be given for the explanation of your answer only. Write your answers as completely as possible.
1. If a polluting firm (for example, a steel producer) is also a monopolist in its output market, the appropriate pollution tax should be even higher than the standard Pigouvian tax in order to discourage both the firm’s pollution production and its monopolistic behavior.
2. In the case on an ambient pollution problem, where the government sets a target level of ambient concentration, a cost effective allocation of pollution is one where firms have the same marginal savings from emissions (or equivalently the same marginal cost of emissions reduction).
Fiscal policy is most effective in a fixed-rate system when capital is perfectly mobile because there is no domestic “crowding out.” Explain what is meant by the term “crowding out,” and then critically evaluate the previous statement using the IS/LM..
If a perfectly competitive firm raises its price above the prevailing market rate, how much of its sales might it lose? Why? Can a competitive firm ever raise its prices? If so, when? How does an employer-paid Social Security tax on wages affect a co..
Economic resources have a price above zero because...
The Stolper-Samuelson Theorem predicts: (a) the level of productivity in export industries (b) which factors are abundant (c) the factor income distribution effects of trade (d) which goods will be exported
If a producer offers a price that is below a consumer's valuation of the good, the consumer:
You have $1000 to invest over an investment horizon of three years. The bond market offers various options. You can buy (a) a sequence of three one year bonds (b) a three year bond or (c) a two year bond followed by a one year bond. Compute the retur..
What is meant by the Consumption Possibilities of a country? How are Consumption Possibilities related to Production Possibilities in a closed economy? In an open economy?
Elucidate Adam Smith in The Wealth of Nations asserted that the pursuit of self-interest by competitive firms promoted the interests of society.
Suppose that a change in the expected inflation rate leads supply and demand to adjust so that the expected real interest rate is unchanged at 3.0 percent.
What has been the effect of longtime rent control in New York City? Why were controls initially imposed and why do they persist to this day?
Compute percentage change of real exchange rate between US and Japan in past year. Has US Dollar become weaker or stronger in real term.
What is the difference in profit maximization between the perfect competitor and all other types of firms? Economic profit is the difference between a firm's total revenue and its
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