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the elderly population in the United States is growing more rapidly than the total population. In particular, the number of workers is rising slowly, while the number of retirees is rising quickly. Concerned about the future of Social Security, some members of Congress propose a "freeze" on the program.
a. If total expenditures were frozen, what would happen to benefits per retiree? To tax payments per worker? (Assume that Social Security taxes and receipts are balanced in each year)
b. If benefits per retiree were frozen, what would happen to total expenditures? To tax payments per worker?
c. If tax payments per worker were frozen, what would happen to total expenditures? To benefits per retiree?
d. What do your answers to parts (a), (b), and (c) imply about the difficult decisions faced by policymakers?
Illustrate what is the estimated size of the union salary advantage. How might this advantage diminish the efficiency with which labor resources are allocated.
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Suppose the price of the good, P, increases to $2.00. Now what is the price elasticity of demand, and what is the cross-prices elasticity of demand.
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Because government-operated firms do not have to make a profit, they can usually produce at a lower cost and charge a lower price than privately owned enterprises." Evaluate this view.
The government has set price ceiling on whatever the product is, so that there is a shortage. That industry complains to the government that the ceiling price is far below the equilibrium price.
Essay on Market imperfection associated with negative externalities
Elucidate which of the following theories of expectations holds that individuals usa all information available in forming expectations.
Suppose the commodity market and the money market for an economy are described throughfollowing IS and LM curve.
As the manager of Pelican Point Financial Group, you are unable to determine whether any given individual is a high or low volume transaction investor. Design a self-selection mechanism that permits you to identify each type of investor.
If you are the chief economist of a country experiencing high unemployment and flat GDP, what macroeconomic policies might you enact in response to these economic conditions? How would you expect these policy changes to impact the economy?
Explain how does the state of the economy affect federal budget. Explain how can macroeconomic variables inter-relate to each other.
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