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The current age pension system in Australia is best described as a pay-as-you-go system (PAYG). An alternative system is a fully-funded social security system. a. Explain the two systems.
b. The Australian Federal Parliament has approved the early access to the superannuation fund up to $20,000 before 30 June 2021 in order to help people adversely financially affected by COVID-19 Crisis. What motivates the Australian government to make such a move? Discuss the impact of this policy on Australian output per worker and the growth of output per worker in the long run
About 5% of the population has a particular genetic mutation. 400 people are randomly selected.
This question asks you to think of how trade can result in gains due to increasing competition and variety. You do not need to do any algebra. Suppose there two countries of equal size, i.e., both have the same number of people, S. Depict the profit ..
Suppose that manna from heaven falls faster and there is a one-time permanent increase in the rate of technological progress, so g rises to g’. What does this imply for the growth rate of output per worker over time? Explain in analytical and graphic..
It is time to assess your proficiency on course learning outcome #4: Explain aggregate supply and aggregate demand.
Suppose Danielle consumes pancakes and waffles. Her utility function can be expressed as U(P,W)=10P^.75 W^.5. Furthermore, suppose the price of pancakes is $4.00 and the price of waffles is $2.50. Define Danielle’s marginal rate of substitution for P..
Consider a representative consumer whose preferences are represented by the utility function, where c is consumption and I is leisure. The consumer derives income from wages w and dividend income. Suppose that the government imposes a proportional in..
Find the ethics code for the professional society of your major.
Most economists A. apply the assumption that people behave as if they act rationally with an aim to maximize utility. B. apply the assumption that people rarely behave as if they act rationally although they do aim to maximize utility. C. rely on see..
Discuss how the atomic prices and the project valuation would change, if a company was actually risk-averse rather than risk neutral.
Draw a graph that illustrates the average total cost, average variable cost, average fixed cost and marginal cost curves for a firm. List any assumptions you have made in constructing this graph.
Suppose that Shan On has received a contract to maintain an additional 1,000 elevators. Do you expect that Shan On will need to double service personnel?
A news article in the Edmonton Journal on December 2014 stated that, “The province is looking at cutting 70 of the Alberta Law Enforcement Response Team’s 280 positions to save money.” Explain the basic idea behind using a statistical instrument (or ..
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