Using the economic way of thinking, explain why politicians might want to drag their feet on fixing entitlement spending.

Q: how many packs of cards were sold?

A: Tax is an amount that is laid by the government and is a source of revenue for the government.It is…

Q: In 2020, only 57 percent of the adult population (260 million) was employed. If the employment rate…

A: Employed people = employment rate * number of adult population

Q: Marginal Cost and Marginal Benefit Quantity (millions of megawatts) 0.5 1.0 1.5 2.0 2.5 3.0 MB…

A: The market equilibrium quantity is where the private marginal benefit curve intersects the private…

Q: The role of the entrepreneur becomes much more important in the new growth theory-the endogenous…

A: Endogenous Growth Model: Endogenous Growth Model is an economic theory where growth is driven by…

Q: Suppose the market demand for ethanol is Q=60-10P and market supply of ethanol is Q=20+10P. If the…

A: Demand is the desire backed by the willingness and ability to pay by an individual or a consumer.…

Q: 4. Determine the probability that the following tree reflecting demand for a product, given an…

A: Decision trees provide information about possibilities. It assists in understanding the specific…

Q: Which of the following statements about the price elasticity of demand are true? (Check all that…

A: The price elasticity is calculated as the percentage change in quantity demanded divided by the…

Q: For prices above a perfectly competitive firm will supply the level of output for which P = MC on…

A: In a perfectly competitive market, a firm offers a level of output where P (price) equals MC…

Q: As you can see from the article in the prior problem, "Rents Hit All-Time Highs amid Job Growth and…

A: Average increase in earnings in LA and Orange counties: 10%Average increase in rent in LA and Orange…

Q: For the utility function U = Qx0.15Qy(1-0.15) find the trade-off rate between good X and good Y at…

A: The given utility function: The trade-off between good X and good Y is represented by the marginal…

Q: The accompanying graph contains the supply for knee braces. a. At $8 a brace, how many will be…

A: The price and quantity of products and services in the marketplace are largely computer by consumer…

Q: What economic policies have impacted the quality of healthcare and access to healthcare disparities?

A: Healthcare, every now and again created as "health care," suggests the planned undertakings,…

Q: Arnie has a job that requires him to travel three out of every four weeks. He has an annual travel…

A: A budget constraint represents all the combinations of goods and services that a consumer may…

Q: FIGURE 2-10 Wheat (bushels) Apples (bushels) 0 Refer to Figure 2-10. What movement along the…

A: PPF is the production possibility frontier. PPF shows the production possibility of two goods in an…

Q: Which of the following economic news items suggests a less favourable environment for investment?…

A: A situation with rising interest rates is one in which the Federal Reserve or other banking…

Q: Following are four graphs representing various cost behaviors. Costs 50 Volume $0 0 11 Volume $0 0…

A: Fixed costs are expenses that remain constant within a certain range of production or over a…

Q: In the figure to the right, the importing country imposes a tariff that raises the domestic price…

A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve.The…

Q: If real GDP in a small country in 2020 is $21.5 billion and real GDP in the same country in 2021 is…

A: GDP is the gross domestic product. GDP is defined as the market value of all the final goods and…

Q: A key feature of monopolistic competition is that the firms involved are "price setters” rather than…

A: Monopolistic competition is a market structure that combines elements of both monopoly and perfect…

Q: The goal of purchasing a long-term care insurance policy would be most appropriate for Multiple…

A: An insurance policy is a lawful agreement between an individual or entity (the policyholder)A and an…

Q: The city of New Orleans has 200 advertising companies, 199 of which employ designers of normal…

A: The company (i.e, 199 out of 200 companies) that does not have Janus talent makes a revenue of…

Q: The graphs show the market for bags of potato chips, which is currently at an equilibrium price of…

A: The equilibrium price: The price where the demand and supply curve intersect meet is the equilibrium…

Q: According to the combination of output shown by the isoquant, Y

A: Isoquants, short for "Isocost-quantity combinations," are a fundamental concept in microeconomics…

Q: When a competitively produced product is subject to negative externalities in production, the…

A: This can be described as a concept in which the cost that society also has to bear when a producer…

Q: The theory that suggested countries would mutually benefit from trade by specializing in export…

A: Two countries engage in trade to improve their productivity. The countries that specialize in the…

Q: How do the relative elasticities of supply and demand determine tax or subsidy incidence?

A: Tax incidence is how the tax burden is divided between purchasers and sellers.The tax incidence…

Q: Consider the Federal Reserve balance sheet below (in billions of dollars): Assets   Liabilities…

A: Monetary Base:The monetary base represents the total amount of currency in circulation (physical…

Q: What must the NBER see before they will announce that the economy has reached the trough phase of…

A: The business cycle is the up-and-down phases of economic activity. It consists of contraction,…

Q: How would you describe the state of the Canadian economy today and what would you say are the key…

A: North America, a land with vast and a rich mix of terrains, traditions, and social opportunities.…

Q: If the MPC in the economy is 0.75, the government could shift the aggregate demand curve rightward…

A: The tax multiplier measures the change in real GDP as a result of a change in taxes. It will be…

Q: Refer to Figure 13-6. The firm experiences economies of scale at which output levels? Oa. Output…

A: Economies of the scale is the cost advantage that the firms enjoy due to its operations.Economies of…

Q: Price of Pencil Sharpeners $24 16 12 200 300 450 Domestic Supply World Price Domestic Demand…

A: Total surplus refers to the addition of the area of the consumer and the producer surplus. In other…

Q: uestion Content Area a. Prepare a contribution margin by sales territory report. Compute the…

A: You can use the following formula to calculate the margin ratio:   Payout Margin Ratio (%) = (Payout…

Q: A demand function given by: Q = 480 ‒ 8P. What is the price elasticity of demand when the price is P…

A: Price elasticity of demand: It measures the percentage change in the quantity demanded for a 1%…

Q: (Table: Revenues and Costs for Two Industries Suppose that the table gives payments to labor, land,…

A: Total revenue refers to the sum of money earned by selling the products by a producer.Total revenue…

Q: Refer to the three demand curves for coffee and assume that coffee is a normal good. Which of the…

A: The demand curve shifts due to the change in the factors other than price. If the price of the good…

Q: Each member of a cartel   a. faces a temptation to cheat on the agreement because lowering its…

A: Cartel is an agreement made by a group of producers to sell goods at a particular price. Cartel…

Q: After answering a summons and complaint, Luke received a set of written questions from the…

A: Interrogatories are written questions that one party sends to another party in a lawsuit. The…

Q: In the short run, at a market price of $20 per air freshener, this firm will choose to produce air…

A: Competitive Market:The competitive market refers to the market where a large number of firms exist,…

Q: If prices rise over​ time, then real GDP will be   A. smaller than nominal GDP in the base year.…

A: National income analysis serves as a vital barometer for gauging an economy's well-being, mirroring…

Q: Under adaptive expectations theory, people persistently: underestimate inflation when it is slowing…

A: Macroeconomic monitoring will remain critical since it determines the economy's final expansion path…

Q: Figure: Monopoly Model Price O OPDJ. O OIHJ. O IPDH. O OSBJ. con average total cost ATC When the…

A: In a monopoly market structure,  There exists a single seller. There exists high barriers to entry…

Q: Suppose your classmate Cho offers you a wager: She will choose a playing card at random from a deck…

A: Risk aversion shows the characteristic of a person which represents his preference regarding a…

Q: Suppose during your college life, every year you need $5,000 cash to spend in addition to the…

A: To find the optimal solution for the amount of money to withdraw each time, we must consider the…

Q: What is the annual worth for option the cost is $200 and the uniform annual benifit is $55.48 for 5…

A: The annual worth (AW) value for an option will include two components: capital recovery for the…

Q: in the simple Keynesian model with no govemment and foreign sectors, assume that full employment…

A: Full employment output = $20,000Equilibrium level of output = $15,000Marginal propensity to save…

Q: 1). The demand for good X is given by Qx = 4,000-Px-2Py + 4Pz+ 0.2M, where Py is the price of good…

A: Aan inverse demand function is a mathematical relationship that expresses price as a function of…

Q: A decrease in the money supply causes the interest rate to rise so that investment falls. a. TRUE b.…

A: The contractionary monetary policy refers to a policy wherein the central bank reduces the supply of…

Q: Refer to Table 24-4. The inflation rate was a. 24.3 percent in 2013 and 22.5 percent in 2014. b.…

A: Inflation rate is the rate at which the price of the good increases over time.It results in the…

Q: Load shedding and its crippling effect on the South African economy: An entrepreneurial perspective.

A: There are challenges such as infrastructure development and wealth disparity, but Africa also offers…