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1. If you believe that a proportional consumption tax was the best tax, what are the various ways in which you could levy (collect) it? Might there be differences in administrative costs associated with levying such a tax in different ways?
2. Explain why it might be desirable to have a regressive tax structure, even if the social welfare function is utilitarian, when general equilibrium effects of taxes are taken into account. Would it ever be desirable to impose a negative marginal tax rate on very- high- income individuals?
3. Under what circumstances will an increase in the progressivity of the tax schedule increase the degree of before tax inequality?
4. To what extent do you think that indifferences in views concerning how progressive our tax structure should be reflect differences in values, and to what extent do they reflect differences in judgments concerning the economic consequences of progressivity (deadweight loss, shifting)?
Based on your own experiences, extend the list of analogies between the human body and the economy as outlined in this chapter. Then, determine which variables in your list are stocks and which are flows.
A large project requires an investment of $200 million. The construction will take 3 years: $30 million will be spent during the first year, $100 million during the second year, and $70 million during the third year of construction. The total equival..
Suppose you start telling your friend about the Price and Wolfers finding that NBA referees appear to be racially discriminatory. Your friend looks at their data, and (correctly) finds that white referees call fewer fouls per 48 minutes on black play..
Which of the following is the result of the "Great Compromise" between the small and large population states?
In 1992, thirst Bush administration was worried about a lingering recession. The administration announced that households would receive a reduction in their taxes for the year 1992. However, this was not accompanied by a reduction in tax rates, and t..
The car company pays 40,000 to the steel company to buy the steel and pays its workers 40,000 to make the cars, which were then sold to consumers for 120,000. Using the production gof final goods approach, how much is the GDP in this economy?
Explain how the quantity of money drastically declined after WWI and partly caused the Great Depression.
Why would secrecy in operating a business be important to an owner? What form of organization would be most appropriate for a business requiring great secrecy?
A currency dealer has good credit and can borrow either $1,000,000 or €800,000 a year. The one year inflation rate in the US is π$=2.5% and in the euro zone the one year inflation rate is π€=5.5%, the one year forward exchange rate is $1.20=€1.00, wh..
Assume only two countries, China and the US. If China decides to stimulate growth through a policy of running a large export trade surplus, does China’s national saving increase? Show the relationship between China’s national savings, domestic invest..
q.assume an industry is composed of the following eight firms.company market sharefirm a 30 percent firm b 25 percent
Consider a two-period economy with a single commodity (say leisure): x_1 is the consumption of leisure in period 1, and x_2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his ..
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