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1. Consider the rival and excludable properties of public goods, explain the following.
(a) To what degree is radio broadcasting a public good?
(b) To what degree is a highway a public good?
2. Think about two public goods: public schools and food assistance for needy families. Consider the implications of the Tiebout model. Which of the goods is more efficiently provided locally? Which is more efficiently provided centrally? Explain.
3. Some researchers evaluated a century of historical evidence to investigate the impact of changes in moving costs within the Tiebout model.
(a) What does the Tiebout model predict should happen to the similarity of residents within a community as the costs of moving fall?
(b) The researchers found that while mobility costs have steadily fallen, the differences in public good provision across communities have fallen as well. Does Tiebout sorting explain this homogenization of public good provision, or must other factors have played a larger role? Explain.
If a contractor decides to deviate from this agreement, what would the optimal deviation be?b. Suppose that M = 10 and C = 1. For which values of "delta" is this a subgame perfect equilibrium of the infinitely repeated game?
The price elasticity for rice is estimated to be – 0.4 and the income elasticity is 0.8. At a price of $0.40 per pound and a per capita income of $20,000, the demand for rice is 50 million tons per year. Is rice an inferior good, a necessity, or a lu..
What is a commercial bank and how do they act and what is a security? Name 2 or 3 different type of securities?
Suppose your company produces one product at the output level (75 units) that minimizes its average cost. At the current level of 75 units, your company’s average cost is equal to $750. What would be this company’s change in total cost if, instead of..
Suppose that in response to a severe recession a country with an overvalued currency and a fixed exchange rate does, in fact, move to a floating exchange rate system. This move to a floating exchange rate will cause the exchange rate to:
When Congress creates a new program or agency, it is often vague about its functions and limits because. The logical basis of judicial review is that. What is the trend concerning presidential power? Which of the following is not a reason for the gro..
The local school district wants to close down a neighborhood high school because its outdated heating and cooling systems make it too expensive to operate compared to the new high school being built nearby.
Calculate nominal GDP in 2006 and in 2007 and the percentage increase in nominal GDP between 2006 and 2007.
Explain why is the usa called a democratic federal republic and how is our organization of government different than the canadian, israeli, japanese or french democracies.
In the real business cycle model, suppose that government spending increases temporarily (i.e.,Gt increases but Gt+1 does not). Determine the equilibrium effects of this using the diagrams of labor market equilibrium and goods market equilibrium. Bri..
.Compute by how much monetary policymakers mllst change the nominal money supply for the expectations of firms and workers to be realized.
q1. the marketplace for gilders is primarily competitive and the market demand is p 315 - 0.6qd. the mutual marginal
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