Which of the following statements about negative incentives is the most accurate? They increase benefits or reduce costs. O They increase benefits and increase costs They decrease benefits or increase costs. They include both cash subsidies and taxes.
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- Suppose the administration of a University that is located a high-crime urban area mustdecide on a policy to increase policing on its campus. The student population is 10,500 students but iscould increase if crime is reduced. The cost of added policing in terms of additional salary and equipmentis estimated to be $2.4 million per year. Suppose the administration plans to make their decision with thehelp of a benefit cost analysis of the policy. VSL is $11.8 million a. Explain how the concept of Value of a Statistical Life might factor into a benefit cost analysis of thispolicy. b. How many lives would need to be save to justify the added policing costs if only prevented deathswere considered as the policy benefit? c. Suppose it is believed that student enrollment will increase in the future if crime on campus is reduced.Write a formula to calculate the present value of benefits of policing if student enrollment increases by4% each year.Many cities have taxes on products that are considered "bad," like cigarettes and alcohol. These things may be bad for the individual who consumes them (in terms of lowered health), but also imposes costs on society if people who smoke need health care or people who drink cause accidents. Taxes on these sorts of goods are sometimes referred to as "sin taxes." The idea is that taxing the good will cause people to buy less of that bad (sinful) product. Do you think these taxes work well do produce the desired effect of lowering consumption? What factors may cause a tax to work better or worse as far as lowering consumption? Would these factors cause more or less tax revenue to be raised? If the goal is to reduce consumption, does tax revenue even matter? Would a sin tax work as well on other products like sodas? Why or why not? You don't have to answer every one of the questions I posed -- pick a couple/few that are of interest to you. I threw a lot in there to get you…Economists assume that individuals:a. are rational and respond to incentivesb. prefer to live in a society that values fairness above all elsec. behave in unpredictable waysd. will never take action to help others
- Draw a new the Edgeworth box for second fundamental theorem of welfare economoics, and describe all its elements. Please do not use the existing one in Bartleby, please answer fast.5. In theory, a policy that harms everybody could pass a benefit-cost test. True or False?Because people respond to incentives,a. policymakers can alter outcomes by changingpunishments or rewards.b. policies can have unintended consequences.c. society faces a trade-off between efficiency andequality.d. All of the above.
- Why are taxes not necessarily a bad policy from a welfare perspective? Because... a. What matters is the consumer surplus not the producer surplus b. It may reduce the consumption of 'bads" c. Socialism is better than capitalism d. Taxes increase competitionDoes a firm have the riight to "create" wants and try to persuade consumers to buy goods and services they didn't know about earlier? 'What are examples of "good" and "bad" want creation? Who should decide what is good and what is bad?explain why negative externally creates a cost for the society and how it can be reduced give an example
- If a highway is made safer, the benefit is fewer deaths and injuries. Explain the following two ways that economists put a dollar value on fewer deaths and injuries: (a) revealed preference and (b) contingent valuation.31) People respond to incentives A) by ignoring negative incentives and responding to positive incentives only. B) only when they are irrational. C) by calculating their individual costs and benefits and determining which is greater. D) when they have low incomes. 32) The threat of a large fine for failure to pay income taxes is an example of A) the excessive power of the Internal Revenue Service. B) the ineffectiveness of incentives to get people to pay their taxes. C) a negative incentive to get all people to pay taxes. D) people failing to consider all the benefits the government provides them. 33) A politician says that the government should tax behavior they want less of and subsidize behavior they want more of. This is an example of A) cynical behavior in modern democracies. B) failing to consider the alternatives available to the government. C) a concern that people are not rational when they make decisions. D) using incentives to alter…All of I he following topics fall wilhin lhe s ludy ofmicroeconomics EXCEPTa. the impact of cigarette taxes on the smokingbehavior of teenagers.b. the role of Microsoft's market power m the pricingo f software.c. the effectiveness of antipoverty programs inr educing homelessness.d. the influence of the government budget deficit oneconomic growth.