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- Consider an individual aged 64 who is eligible to collect full social security (public pension) benefits of $6,000 for a year. They have no other income but can work at a weekly wage rate of $600 for a maximum of 52 weeks. Receipt of benefits from the social security program is retirement tested. Specifically, the individual can earn up to $9,000 in annual wage income without a reduction in benefits; however, after $9,000 of earnings, benefits are reduced by 50% for every dollar earned, until the benefits are exhausted. a) Carefully draw and label the budget constraint for this individual. b) Suppose previously there was a retirement test, and then the test is eliminated, i.e., the individual now is allowed to keep all benefits, irrespective of their labour earnings. How would this affect the individual’s labour supply? Question Two David is a 70-year-old accountant. After serving his accounting firm for 45 years, David decides to retire soon. David has great passion for vintage cars…Land reform is typically frustrated by a. Governments bowing to political pressures of large landowners. b. A lack of supportive policies to aid small farmers produce and sell their crops. c. Both a and b are correct. d. None of the aboveImagine a rural area with a current wage rate of $20 at which 1500 workers are employed and 500 are unemployed. A government project will hire 50 workers at the going wage rate. Assume reservation wages for those hired are more or less uniformly distributed between $2 and $20. The METB is 0.2. Estimate the expected opportunity cost of project labor.
- Wage-rate compression may create problems related to which of the following? external equity internal equity gender discrimination racial discrimination 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.A worker's average indexed monthly earnings (AIME) will be their Social Security benefit at retirement. True FalseSuppose that the government introduces an EITC such that for the first $8,000 in earnings, the government pays 50¢ per dollar on wages earned. For the next $3,000 of earnings, the credit is held constant at $4,000, and after that point, the credit is reduced at a rate of 20¢ per dollar earned. When the credit reaches zero, there is no additional EITC. Furthermore assume a worker who can work up to 4,000 hours per year at an hourly wage of $10 per hour. 1. The benefit of EITC will disappear at how many hours of leisure? (use just numbers) 2. When the EITC disappears how much does the worker get to consume (do not use $ sign)
- The Earned Income Tax Credit (EITC) is a form of negative tax that increases the incomes of workers with earnings but is eventually phased out to zero as earnings rise above a certain level. true or false? a. true b. falseNative-born workers may not be harmed by immigration if it Multiple Choice reduces wages and labor demand is inelastic. reduces the rate of return on capital. increases the rate of return on capital. causes production costs to rise.a. true or false Partnership agreements are not in general required to be in writing by the statute of frauds, however they would be required to be in writing if a party by agreeing to become a partner acquires an interest in land. b. true or false All utilitarians would agree that a rise on Gross Domestic Product would always fulfill the need for ethical management of the economy.
- State True or False: Although poverty is a problem in most areas of the world, relatively few people die of causes arising from poverty.TRUE or FALSE 43. Migration decision of Filipinos is always an economic decision. 44. When wage differential is negligible, rural to urban migration will not be much of a problem 65. Solving poverty has to be done from macroeconomic and microeconomic levels.Suppose the skills acquired in school depreciate over time, perhaps because technological change makes the things learned in school obsolete. What happens to a worker’s optimal amount of schooling if the rate of depreciation increases?
