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(Federal Budget Deficits)Try your hand at balancing the federal budget by trying the National Budget Simulation at UC Berkeley's Center for Community Economic Research at https://www.budgetsim.org/nbs/.
a. Develop a budget and see what happens. Were you successful in balancing the budget? If not, how much of a deficit or surplus did you end up with? What does this exercise tell you about the process of creating a balanced budget?
b. Reexamine the budget cuts or increases you made. What problems would such changes pose for a politician facing reelection?
c. This budget simulator allows you only to change spending and tax expenditures over a one-year period. What problems does this pose to finding a realistic economic solution for balancing the budget?
consider the maximization problem u(c,l) subject to pc + wl = wT + Y, where c is consumption, l is leisure time, T is total time endowment, and Y is non-wage income. prove that if leisure is an inferior good then the labor supply function is upwar..
Typically, though not always, long-term interest rates are above short-term rates, as in the preceding example from 2004. In terms of the Fisher effect, what would that pattern say about expected inflation and/or the expected future real interest ..
What explanations have been offered in the press? How accurate are they?
compute the opportunity cost in forgone tanks for each additional truck producedtruck output 0 1
Calculate the total effect on welfare of a tariff of 5 per unit levied on imports.
Graph these curves and illustrate the market demand curve.
Power cost per kwh is $0.14. Annual maintenance, taxes and insurance will be 2.5% of the initial cost. a. What is the annual equivalent cost for each motor b. What is the IRR (Internal Rate of Return) on the incremental investment to select the more ..
What is the probability that Medco Construction will be in violation of their construction contract and what is the probability that they will not be in violation?
The state of Connecticut is well known for its almandine garnet. The Almandine Garnet Mine has plans to extract 80 tons over the next two years. The production benefits and costs are: MB = 40 ? 0.1Q MC = 36 + 0.25Q Assume..
assume the following about mushroom kingdom there are 16869 gold coins in circulation nominal gdp is 86722 gold coins
Recall that the Lerner formula or condition states that (p-MC)/p = 1/E. Write down the profit maximization conditions for pj j=X,Y. Can you write down the Lerner conditions for the two products? Why is the formula different in this case from the u..
Suppose that a model of the economy suggests that the real interest rate is determined by the equation r= 8.35-%^Y where Y is the level of output, so %^Y is the growth rate of output. Suppose that people expect the Fed to hit its inflation targetI..
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