Which of the following is a general sustain downward moment of prices for goods and service in an economy? Which of the following is a common criticism of government price controls?
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- Raka has 80 hours per week that she can allocate to work or leisure. Her job pays a wage rate of $20 per hour, but Raka is being taxed on her income in the following way. On the first $400 that she makes, she pays no tax. That is, for the first 20 hours she works, her net wage—what she takes home after taxes—is $20 per hour. On all income above $400, Raka pays a 75% tax. That is, for all hours above the first 20 hours, her net wage rate is only $5 per hour. Her indifference curves conform to the usual assumptions about consumer preferences. Raka’s optimal choice is to work 30 hours.Draw Raka’s time-allocation budget line for a typical week.In order to improve the living standards of the people in Philippines after the devastating typhoon Haiyan, the government decided to increase the labour wage per hour from AUD 17.50 to AUD 25.00. Also, Philippines experienced structural unemployment and frictional unemployment. What is the hardest type of unemployment that Philippines experienced as a result of typhoon Haiyan? Explain your answer. Use the figure below to examine the effects of the government minimum wage of AUD 25.00 in Philippines. Examine the effect of government minimum wage of AUD 25.00. Assume the increase labour is equivalent to the total labour force and calculate the unemployment rate The figure below indicates that the aggregate demand curve slopes left to right downwards. Explain the factors that account for the shape of the Aggregate demand curve.In order to improve the living standards of the people in Philippines after the devastating typhoon Haiyan, the government decided to increase the labour wage per hour from AUD 17.50 to AUD 25.00. Also, Philippines experienced structural unemployment and frictional unemployment. What is the hardest type of unemployment that Philippines experienced as a result of typhoon Haiyan? Explain your answer. Use the figure below to examine the effects of the government minimum wage of AUD 25.00 in Philippines. Examine the effect of government minimum wage of AUD 25.00. Assume the increase labour is equivalent to the total labour force and calculate the unemployment rate.
- You are given the following information about the economy Personal consumption 6500 Indirect taxes less subsidies 150 State government consumption 500 Rental Income 2000 Change in business inventories 100 Stock appreciation 80 Gross private domestic Investments 1200 Exports 900 Net factor payments -100 Imports 1200 Depreciation 200 Define and calculate the following: GDPMP, GDPFC, GNPMP,GNPFC, NDPMP,NDPFC,NNPMP,NNPFC. How can price distortions be avoided in a marketWhat is seigniorage ? a The taxes levied on the individual old b The usage of the total money supplied as government revenue c The usage of newly printed money as government revenue d The taxes levied on the individual youngThe minimum wage hike will mean a spike in unemployment: Study saysBy Jane Stevenson, Toronto Sun, September 19, 2017The Canadian Ontario government plans to set a minimum wage at $15 an hour. Currently, the median wage for low-skilled workers is $11.40. According to a study released Tuesday by the free enterprise Fraser Institute, the imposition of a minimum wage above current wages would lead to more unemployment for low-skilled workers. (D) (i) Below, complete the market for low-skill labor correctly labeling both axes and assuming demand for low-skill labor is perfectly inelastic; (ii) from information in the article, set out in the market the current equilibrium “price” and depict the equilibrium quantity for low-skill labor. (E) (i) Depict in the market above in (D) the establishment of a $15/hour minimum wage by the Canadian Ontario government, and (ii) set out in the market the new equilibrium “price” and the new equilibrium quantity for low-skill labor. (F) Is the graph…
- Markets seek equilibrium, and the demand for goods and services will come to an equilibrium with supply of goods and services. When markets are not in equilibrium, surpluses and shortages, as well as underground markets, can exist. Sometimes, the government may want to intervene in markets to try to help reduce economic hardships. Analyze the impact of an increase in the minimum wage from the current level to $15 per hour. How would the following be affected? a. employment of people previously earning less than $15 per hour b. the unemployment rate of teenagers c. the availability of on-the-job training for low-skilled workers d. the demand for high-skilled workers who are good substitutes for low-skilled workers Review the mechanics of price floors and price ceilings. Why does a price floor lead to surpluses? Why does a price ceiling lead to shortages? Review consumer and producer surplus. A price floor will lead to a transfer of consumer surplus to producer…The minimum wage hike will mean a spike in unemployment: Study saysBy Jane Stevenson, Toronto Sun, September 19, 2017The Canadian Ontario government plans to set a minimum wage at $15 an hour. Currently, the median wage for low-skilled workers is $11.40. According to a study released Tuesday by the free enterprise Fraser Institute, the imposition of a minimum wage above current wages would lead to more unemployment for low-skilled workers. (A) (i) Below, complete the market for low-skill labor correctly labeling both axes and assuming the demand for labor has some elasticity; (ii) by the supply curve and demand curves, state who are the demanders and who are the suppliers; and (iii) from information in the article, set out in the market the current equilibrium “price” and depict the equilibrium quantity for low-skill labor. (B) (i) Depict in the market above in (A) the establishment of a $15/hour minimum wage by the Canadian Ontario government, and (ii) set out in the market the new…Are households demanders or suppliers in the goods market? Are firms demanders or suppliers in the goods market? What about the labor market and the financial market?
- Agricultural price supports result in governments holding large inventories of agricultural products. Why do you think the government cannot simply give the products away to poor people?Omani government wanted to reduce the supply of high sugar drinks in the economy. As an economist, you will ask the government to _________. a. Increase Tax on the high sugar drinks b. Decrease Tax on the high sugar drinks c. Provide access to new technology for the producers of high sugar drinks d. Give more subsidies to the producers of high sugar drinks18. Which of the following will be carried out by the government when there is price floor __________. a. Export of goods. b. Hoarding of goods c. Import goods. d. Selling of goods to customers