One of the major reasons why the United States exports jet airplanes is because Boeing faces ________ opportunity cost than firms in other nations in the production of such aircraft
A) an unrelated
B) a lower
C) a higher
D) an identical
E) a nonexistent
B
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In the U.S., everyone has to pay social security taxes on labor income until pre-tax income reaches a certain amount after which no additional taxes are due. Consider the case of workers A, B and C who have 60 hours of leisure per week and who earn an hourly wage of $40. Suppose the social security tax is 50% up to a pre-tax weekly income of $1,200 and then falls to zero for any income above $1,200 per week. Assume tastes are homothetic. a. Worker A is observed to work 40 hours per week under this tax system. Is he working more or less than he would if the system were abolished?
b. Worker B is observed to work 30 hours a week under this tax system. Is he working more or less than he would if the system were abolished? c.Worker C is observed to work 20 hours per week under this system. Is he working more or less than he would if the system were abolished? d. Could any of the three workers above share exactly the same tastes? e. For which of these workers is there no deadweight loss from the tax? What will be an ideal response?
Inflation targeting was initiated by which central bank in 1989?
A) U.S. B) Japan C) Canada D) New Zealand E) U.K.
The WTO replaced the GATT in
A) 1900. B) 1945. C) 1960. D) 1995.
Suppose there is an increase in expected future taxes. This will cause which of the following to occur?
A) the IS curve to shift left in the current period B) the IS curve to shift right in the current period C) the LM curve to shift up in the current period D) the LM curve to shift down in the current period