You are a member of the United States Congress. Some of your colleagues have introduced a...
- You are a member of the United States Congress. Some of your
colleagues have introduced a bill to require the U.S. to balance
its budget.
- Explain two economic arguments in favor of the government balancing its budgets (4 points)
- Explain two economic arguments against the government balancing its budgets (4 points).
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You are a member of the United States Congress. Some of your
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Background to the question Over the past few years some states in the United States have begun to legalize marijuana, while other states have not. In addition to legalizing marijuana, some states, suc...
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1) Someone you know claims that the average earnings of all waiters in the United States is $3/hour. Let Y be a random variable (i.i.d.) equal to the hourly earnings of a waiter in the U.S. You wish to gather evidence (collect a sample of data) and test the null hypothesis that the average hourly earnings of all waiters in the United States (Uy) is equal to $3 against the two-sided alternative hypothesis that it is not equal to $3....
One of your teacher colleagues needs some help. She decided to replicate a typical United States Geological Survey quadrangle scale map of the playground and surrounding woods on a regular sized piece of paper. These USGS maps have a scale of 1/24,000. She needs your help estimating the size of some of the key features of the school playground on the map itself. She asked you to figure out the length of the playground on the map in inches. To...
4. A recurring idea in Congress is to move the United States further away from a system of income taxes and towards a system of consumption taxes. A nationwide consumption tax would essentially be a national sales tax, a system that many Western European countries have. It is often referred to as a value-added tax or a VAT Negative consumption is ruled out because it makes no 'economic sense. Zero consumption would be subop timal behavior with either of these...
6. Violence and lack of discipline have become major problems in schools in the United States A random sample of 300 adults was selected, and they were asked if they favor giving more freedom to schoolteachers to punish students for violence and lack of discipline. The two-way classification of the responses of these adults is presented in the following table No Opinion Total In favor Against 12 Men 93 70 175 Women 87 30 8 125 Total 180 100 20...
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