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microeconomics
Microeconomics In Context 4th Edition Neva Goodwin , Jonathan M. Harris, Julie A. Nelson , Pratistha Joshi Rajkarnikar , Brian Roach , Mariano Torras - Solutions
1. For ea of the following examples, discuss whether it is a private good, a public good, a common property resource, or an artificially scarce good. Note that some examples may be considered more than one type of good.a. Seats in a movie theaterb. Traffic lightsc. A lake on private landd. A
25. What are some recent trends in the price of different energy sources?
24. What are some of the strengths and weaknesses of the 2015 Paris climate agreement?
23. What are some economic policies to address climate ange?
22. What do most economic analyses of climate ange conclude? What are some major differences?
21. What are the projections for future greenhouse gas emissions, considering both developed and developing countries?
20. What is climate ange?
19. What policies are needed to provide for the efficient provision of public goods?
18. Why do someone’s marginal benefits differ from his of her willingness to pay in the case of a public good?
17. How can we model the demand for a public good in a simple society with two individuals?
16. What are free riders?
15. Can voluntary donations result in the efficient provision of public goods?
14. What is the likely equilibrium outcome for a public good in a private market?
13. What is the tragedy of the commons?
12. What policies can be implemented in the case of a common property resource?
11. How do we determine the efficient outcome for a common property resource?
10. How can we determine the utilization or harvest for a common property resource without any regulation?
9. How can we model the market for a common property resource?
8. What is price discrimination?
7. Why does the private provision of an artificially scarce good result in economic inefficiency?
6. What is the supply curve for an artificially scarce good?
5. How do economists define congestion?
4. What are the two aracteristics of artificially scarce goods? Provide some examples.
3. What are the two aracteristics of common property goods? Provide some examples.
2. What are the two aracteristics of public goods? Provide some examples.
1. What are the two aracteristics of private goods? Provide some examples.
2. Whi policies do you think are most likely to be effective in responding to climate ange? Given the political resistance to taxes, what do you think would be the best strategy for aieving reduction of greenhouse gas emissions?
1. How serious a problem do you think climate ange is? Compare your judgment of this based on news reports and the economic studies that have tried to evaluate the costs and benefits of climateange. How effective do you think economic analysis has been in approaing the problem?
2. Consider the provision levels of the following public goods in society: national defense, public education, environmental quality, and highways. Do you think that the current “supply” of ea of these goods is too high, too low, or about right? What factors do you think determine the amount
1. Some people have suggested that certain public lands would be managed more efficiently if they were auctioned off to the highest bidders. In theory, the highest bidder would put the land to its highestvalued use. Employing a market valuation, that use might be logging or developing the land for
2. Suppose that a small fishing community in a developing country has been operating successfully for centuries without any regulations. Ea fishing family owns a boat and makes a small profit.However, suppose that climate ange reduces the health of the fish sto, and the community is forced
1. Suppose that you and three roommates are living in an apartment or dorm suite with a common area for living, dining, and cooking. Do you think that a “tragedy of the commons” outcome is a likely result without some rules regarding cleaning? What rules would you propose instituting?
2. Do you think that the profits of a company that provides cable television should be regulated by the government? Is competition in the cable industry sufficient to keep prices reasonable? How is tenology anging the nature of competition for video programming?
1. Do you think that price discrimination should be illegal? Does it make economic sense for everyone to pay the same price for something? Do you think that it is fair for everyone to pay the same price for something?
2. Do you think that the current balance in your society among the four different types of goods is appropriate? Should policies be enacted to shi production so that, in general, society has more public goods and common property resources? Or should more goods be made available instead through
1. In addition to the examples listed in Table 13.1, try to think of other instances of artificially scarce goods, common property resources, and public goods. Discuss how these goods are supplied—whether through markets, through government provision, or through other approaes.
7. Mat ea concept in Column A with an example in Column B. Column A a. A negative externality b. A Pigovian tax c. A positive externality d. A subsidy e. An upstream tax Column B 1. A policy to increase production when a good generates a positive externality 2. Represented by the difference
6. For ea of the four main approaes for regulation pollution, list at least one advantage and one disadvantage of the approa.
5. Suppose that the government of Aqualand is considering a new law that would improve drinking water quality. e cost of complying with the new regulation is $100 million. e benefits of improved drinking water are estimated to be $250 million, but these benefits will occur 25 years from
4. Suppose that the World Bank is considering funding a project in the developing country of Hydroland to construct a major dam to generate hydroelectricity and reduce flooding. e reservoir will also be used for recreation but will require the relocation of several villages. You have been hired
3. e supply and demand sedules for gasoline in the country of Drivia are given in the table below.Initially, there are no taxes on gasoline. Assume that the externality damage from consuming gasoline in Drivia is 60 cents per gallon.a. Draw a supply-and-demand graph for gasoline in Drivia.
2. e use of gasoline as a fuel generates negative externalities. Assume that the current tax on gasoline in the country of Optiland fully internalizes these externalities. But suppose that gasoline prices in Optiland have risen lately due to increased demand. A politician in Optiland gives a
1. Suppose that a friend of yours states: “e optimal pollution level is clearly zero. Any level of pollution is obviously undesirable.” How would you respond to your friend? Use a graph to support your answer.
20. How does a system of tradable pollution permits operate?
19. Demonstrate how a firm would respond to a pollution tax, using a graph.
18. What are the four main approaes for regulating pollution levels?
17. What is the precautionary principle?
16. How can human lives be valued?
15. What is discounting? How do we calculate a present value using discounting?
14. What is cost-benefit analysis?
13. What are revealed preference methods? What are stated preference methods?
12. What are replacement cost methods?
11. What is the cost of illness method? Why is it considered a lower-bound estimate?
10. What is nonmarket valuation? What are the four main nonmarket valuation teniques?
9. What are nonuse benefits? What is total economic value?
8. What are ecosystem services?
7. What is intrinsic value?
6. What is the willingness-to-pay principle?
5. What is an upstream tax? What is a revenue-neutral tax?
4. How does a subsidy result in the efficient quantity in a market with a positive externality?
3. How are positive externalities represented in a supply-and-demand graph?
2. What is a Pigovian tax? How is it represented in a supply-and-demand graph?
1. How are negative externalities represented in a supply-and-demand graph?
7. Mat ea concept in Column A with an example in Column B. Column A a. An example of a progressive tax b. An example of a regressive tax c. A proportional tax d. An excise tax e. Inelastic demand f. Elastic demand g. Effective tax rate h. Supply-side economics i. Tax incidence analysis Column
6. As mentioned in the text, social insurance taxes in the United States are currently split equally between employers and employees. If Congress were considering a law in whi employers would pay the entire amount for social insurance taxes, in order to reduce the burden on employees, would you
5. Suppose that Shafik is a single person in the United States with a total income of $52,000. He is allowed to claim $10,000 of his income as nontaxable. He also contributes $1,000 to his retirement account.Based on the data in Table 11.2, how mu would Shafik owe in federal income taxes?
4. Consider the following table, whi shows the total amount of taxes paid at different total income levels in a society. For ea income level, calculate the effective tax rate. Is this tax system progressive or regressive? Explain. Total income $200,000 $100,000 Total taxes paid $50,000
3. Suppose that gasoline is not currently taxed in the country of Autopia, and the price of gasoline is$3.00 a gallon. In order to alleviate problems with air pollution and traffic, the government of Autopia decides to institute a $0.50 a gallon tax on gasoline. Aer the tax, the price of
2. For ea of the taxes below, indicate whether you think the tax burden will be borne primarily by consumers or producers. Also, how successful do you think ea tax will be in raising revenues?a. A city tax on the use of paper bags in supermarkets. Consumers have the option of asking for
1. Suppose that your town decides to impose a tax on 2-liter boles of soda to encourage healthier dietary habits. Before the tax, the supply and demand sedules for boles of soda are given in the table below.a. Draw a supply-and-demand graph illustrating the market before the tax. What is
20. How progressive is the overall tax system in the United States? How does it compare to other highincome countries?
19. What is tax incidence analysis? What are some of the findings of this resear?
18. What does the resear on the relationship between taxes and economic growth indicate?
17. What is supply-side economics?
16. How do overall tax rates in the United States compare with those in other countries?
15. How have tax revenues anged in the United States over time?
14. What are federal social insurance taxes?
13. How is an effective tax rate calculated?
12. How do marginal tax rates work in calculating one's income taxes?
11. What is the difference between total income and taxable income, with respect to federal income taxes?
10. What are three reasons in support of progressive taxation?
9. What is a progressive tax? A regressive tax? A proportional tax?
8. What are the four justifications for taxation?
7. How does an excise tax affect overall social welfare?
6. How does an excise tax affect the amount of consumer and producer surplus in a market?
5. How does the elasticity of demand affect the amount of tax revenues from an excise tax? How does it affect the distribution of the tax burden?
4. How are tax revenues represented in a supply-and-demand graph?
3. What are the two motivations for taxing a product?
2. How does the elasticity of demand affect a price increase as a result of an excise tax?
1. How is an excise tax represented in a supply-and-demand graph?
2. Suppose that a relative of yours is complaining that taxes are always going up on average people while the ri can always avoid taxes because of exemptions, deductions, and other loopholes. How would you respond to him or her based on what you learned in this apter?
1. Do you think the current tax system in the United States is too progressive, about right, or not progressive enough? How mu do you think different income groups should pay in taxes?
2. Compare the tax policies of the area in whi you live to a neighboring state or country? What factors do you think explain the differences in tax policies?
1. Do you think it is necessary for the United States to have so many different types of taxes? What would you ange about the structure of taxation in the United States?
2. What goods and services do you think should be subjected to excise taxes? How would these taxes affect different groups of people?
1. What recent news stories have you heard about taxes? How does the material in the previous section relate to these stories?
3. Mat ea concept in Column A with a definition or example in Column B. Column A a. Economic mobility b. Kuznets curve hypothesis c. Capital gain d. Quintile e. Labor income f, A Gini ratio close to 1 g. Disposable income h. A Gini ratio close to 0 i. Rent j. Market income Column B 1. A very
2. You can access the World Bank’s World Development Indicators database online to download income share data for various countries, and construct Lorenz curves. Choose two countries you are interested in and construct their Lorenz curves on the same graph. Note that the WDI database does not
1. Statistics from the World Bank indicate the household income distribution in Vietnam, for 2014, as follows:a. Create a carefully labeled Lorenz curve describing this distribution. (Be precise about the labels on the vertical axis.)b. Compare this distribution to the distribution in the United
21. What are some policies that have been effective at reducing income inequality in developing countries?
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