Problem 3 Driving has some negative impacts such as pollution and traffic (we will see later in the course that these are examples of externalities). One approach to reducing these is to discourage driving by taxing gas. However, gas taxes tend to be unpopular with the public, as they hurt consumers financially. A policy that some economists have proposed to avoid this downside is ' For this question, you can make the (unrealistic!) assumption that books can be divided into any decimal amount. to impose a gas tax but then return the revenue collected to consumers in the form of a tax rebate. This problem asks you to use consumer theory to demonstrate the logic behind this proposal graphically. In particular, imagine that a consumer has Cobb Douglas preferences over gas consumption and consumption of a composite good (consisting of spending on all other goods). The consumer has a fixed budget, I > 0, and the price of gas is pg > 0, while the price of the

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Question 05: Benjamin Franklin coined the phrase "Time is Money", and spelt out the associated opportunity cost reasoning in his "Advice to a Young Tradesman" (1746): "Remember that Time is Money. He that can earn Ten Shillings a Day by his Labour, and goes abroad, or sits idle one half of that Day, tho' he spends but Sixpence during his Diversion or Idleness, ought not to reckon That the only Expence; he has really spent or rather thrown away besides." Shillings Fill in the blank of the number of Shillings in the above quote. Hint: think of shillings as dollars and sixpence as "pocket change" - what happens if you decide to take the afternoon off from work? A) ten shillings in lost wages B) twenty shillings in lost wages C) one shillings in lost wages D) five shillings in lost wages

NEWS WIRE NORTH KOREA'S ROCKETS DEEPEN FOOD CRISIS   North Korea's Rocket Launches Cost $1.3 Billion   North Korea's rocket program is costly. In December 2012 North Korea successfully launched a long-range rocket carrying a satellite into space. That feat cost $300 million. The entire cost of the rocket program last year - including the failed launch in April - totaled about $1.3 billion according to estimates by South Korea experts. With that much money North Korea could have purchased 4.6 million tons of corn - enough to feed its population for 4-5 years. North Korea's ambitious nuclear program costs nearly triple that amount. The burden of North Korea's military program is evident in widespread poverty and periodic starvation.   Source: News accounts of December 2012 - January 2013.     According to the News Wire, what is the opportunity cost of North Korea's rocket program in terms of corn for North Korea's 25 million people?           million tons of corn

We live in a world where computers and other items of technology seem to get ever cheaper to produce. Such technology is important in the production of a vast range of consumer goods.  We wish to analyse the impact of this phenomenon on two key pieces of economic data. The main impact of the decreasing cost of technology is that (select from consumption/investment/government spending/exports/imports/economy-wide production costs/wage costs) would (Select increase/decrease) This would shift the (Select one from the picture attached) which (Select: Increse or decreases the price level) and (Select: increases or decreases GDP) Suppose that the economy is now away from long run equilibrium (GDP is above Yf).  The way that the economy adjusts back to equilibrium is that (Select: interest rates/the exchange rate/factor prices such as wages/governement spending) (Select: Increases/decreases).  This shifts the (Select one from the picture attached)

Suppose the following transactions occur during the current year: 1. Kevin orders 50 cases of mezcal from a Mexican distributor at a price of $90 per case. 2. A U.S. company sells 300 spark plugs to a Korean company at $5.00 per spark plug. 3. Rajiv, a U.S. citizen, pays $900 for a TV he orders from Cosmart (a U.S. company).   Complete the following table by indicating how the combined effects of these transactions will be reflected in the U.S. national accounts for the current year. Hint: Be sure to enter a “0” if none of the transactions listed are included in a given category and to enter a minus sign when the balance is negative.   Amount (Dollars) Consumption   Investment   Government Purchases   Imports   Exports   Net Exports   Gross Domestic Product (GDP)

1. ………………..enables users to identify the real similarities and differences in economic phenomena because the information has been measured and reported in a similar manner for different enterprises.

Graph the answer Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Question 46 According to the textbook, the fully completed house that one could buy from the Sears catalog in 1924 would be affordable to even the poorest Americans and would help to provide "sustainable growth." of abnormally low quality and therefore commanding a much lower price, even when adjusting for inflation. ) about the typical price of a house today, adjusting for inflation. d) exorbitantly expensive by today's standards, adjusting for inflation. e) quite a good deal, even when adjusting for inflation.

Suppose that before you began your college application process, you were offered a job to work as a floor-trainer at a local fitness center, accompanied by a yearly salary of $27,000 (after taxes). Assume however that you decided to turn down this offer and instead attend a year of college. The total monetary cost of the year of college, including tuition, fees, and room and board expenses, is $43,000. You likely chose to attend college because   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.