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Suppose the city government of Boomville wins a bid to host the Olympics. To pay for the Olympic facilities, the government decides to impose a new, temporary tax on its firms. As a result of this tax,
a. employment will increase and TFP will increase.b. labor supply will decrease and the real wage will decrease.c. employment will decrease and the real wage will increase.d. employment will decrease and the real wage will decrease.
Danielle has the following VonNeumann-Morgenstern utility function with v(c)=c. (i.e. If there are only two possible states of the world with probabilities L and H and consumption levels cL and cH; expected utility will be LcL + HcH) She is a soccer ..
Using the assumptions of Perfect Competition, explain how such firms earn no economic profit in the long run. How does perfect competition result in the best outcomes from both consumers and producers?
The citizens of Springfield love donuts. Due to health concerns, the city has decided to make citizens responsible for paying a per donut tax of 50 cents. a) On the graph, please shift the appropriate curve to illustrate the effect of the tax.
Jim produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. What is Jim's contribution to GDP? What are Jim's profits?
From 1982 to 1986 retail sales of furs in the U.S rose from $0.4 billion to 1.0 billion. After this time, there was no additional growth until 1989 when sales increased slightly to $2 billion. Subsequently there was a plunge in fur sales which droppe..
For the country you examined in discussion 1, use the summary of types of economic systems to classify the economic system of the country. Is this an evolving economic system, i.e. a system in transition to another type of system?
Central bank adjustments of an interest rate on advances extended at an above-market interest rate constitute:
Consider two neighbouring island countries called Bertland and Ernamia. They each have 4 million labor hours available per week that they can use to produce wheat, clothing, or a combination of both. The table below shows the amount of wheat or cloth..
Suppose there are two star players in the NBA, Shaquille O’Neal and Kobe Bryant. Shaq can score 35 points per game or assist 12 times. Kobe can score 30 points per game or assist 15 times. Assuming they specialize in one or the other, who has the com..
Transaction cost is:
How much is a college education worth? In the text, we supposed a col- lege education raised a person’s wage by $30,000 per year, from $40,000 to $70,000. Assume the interest rate is 3% and there is no growth in wages, then answer the following. Disc..
What is the present value of the following series of prospective payments?
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