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: Suppose that 100 people live around a hazardous waste dump. If the people continue to live there for 20 years, one of them will likely contract a painful, non-fatal cancer that will lead to $1 million in health care costs, foregone wages, and pain and suffering. Assume this is all the damage this waste will ever do (the waste loses its toxicity after 20 years). The Environment Canada has three choices:
a. Do nothing.
b. Clean up at a cost of $4 million
c. Relocate the families at a cost to taxpayers of $1 million; fence off the property for 20 years.
i. Rank the solutions in terms of efficiency. Explain your reasoning.
ii. Rank the solutions in terms of safety. Explain your reasoning.
effects of tax increase on the gross domestic product
Summary of the cross model The below list summarizes the cross model and associates it to classical model: Labor Market: Real wages W/P is exogenous in cross model
discuss.
RELATIONSHIP WITH 8 VARIANTS OF NATIONAL PRODUCT AGGREGATES We have shown the distinction between national product at market prices and national product at factor cost, based
Critically evaluate measures used by governments and central banks to manage the economies of their countries. By critical evaluation use convincing arguments for or against measur
To the right is a production possibilities table for consumer goods (automobiles) and capital goods (forklifts): a. Show these data graphically. Upon what specific assumptions is t
Consider the market for the trusty widget (the most common good in the world if economics textbooks are to be believed). Assume that the market is perfectly competitive. Suppose th
critically examine the keynesian theory of unemployment
what is a wage? and the difference between real and nominal wages giving examples?
There are many other macroeconomic indicators which one might expect to be affected following an oil price hike. Perhaps more obviously affected than GNP is inflation. DePratto et
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