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Disposable income is the amount available for spending and saving after taxes have been paid and...
Suppose a government decides to reduce spending and (lump-sum) income taxes by the same amount. Using...
Suppose a government decides to reduce spending and (lump-sum) income taxes by the same amount. Using the long-run model of the economy, graphically illustrate the impact of the equal reductions in spending and taxes. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium values; iv. The direction the curves shift; and v. the terminal equilibrium values. b. State in words what happens to: i. the real interest rate; ii. national saving; iii. investment; iv. consumption;...
1.Consider a closed economy with no taxes, whose consumption function, investment level & government spending level...
1.Consider a closed economy with no taxes, whose consumption function, investment level & government spending level are given by the following equations: C= 5,000 + .80Y I= 9,000 G= 2000 whereGrepresents government spending. The equilibrium condition is, as always, that the value of the economy’s output (Y) must be matched by aggregate demand, but now aggregate demand contains a third element, G. a. What is the equilibrium level of aggregate output for this economy? b. What is the saving function for this...
Chapter 13 Homework 00 Data on before tax income taxes paid, and consumption spending for the...
Chapter 13 Homework 00 Data on before tax income taxes paid, and consumption spending for the Simpson family in various years are given below. Before-tax inco ($) 25,800 27.000 28,69 Taxes paid (s) 3,00 Consumption spending ($) 20,000 21,350 22.07 23.600 4. Ono a. Graph the Simpsons' consumption function, then find their household's marginal propensity to consume and the intercept of the consumption function Instructions: On the graph below, use the line tool provided. Click and drag your mouse to...
Use the marginal income tax rates shown here to calculate the average tax rate on an...
Use the marginal income tax rates shown here to calculate the
average tax rate on an income of $100,000.
Taxable Income
Tax rate
$0–$8,700
10%
$8,700–$35,350
15%
$35,350–$85,650
25%
$85,650–$178,650
28%
$178,650–$388,350
33%
Over $388,350
35%
Average tax rate on $100,000 of income is ____________.
21.46%
24.27%
28.00%
10.5 points
QUESTION 2
Use the marginal income tax rates shown here to calculate the
average tax rate on an income of $200,000.
Taxable Income
Tax rate
$0–$8,700
10%
$8,700–$35,350
15%...
FISCAL POLICY IN THEORY: March, 2020: we are on the verge of Congress and the President...
FISCAL POLICY IN THEORY: March, 2020: we are on the verge of Congress and the President passing legislation that will empower the federal government to spend an unprecedented amount of EXTRA money not seen since World War 2 ---- in order to address the pandemic but also to help cushion the blow financially of perhaps ten or twenty million Americans --- or more --- losing their jobs, and thus suffering a drop in income. The scale of the 2020 recession...
1) The Economy cannot be considered fully employed unless the measured unemployment rate is below 1%....
1) The Economy cannot be considered fully employed unless the measured unemployment rate is below 1%. Agree or disagree and explain your answer in a paragraph. What is the current actual u - rate for the US economy as of Sep 2019 Data for 2019 ? Is this unemploymen t rate bel ow or above or equal to u - rate at full employment (usually called natural rate of unemployment or NAIRU)? 2) A) Why would you expect the inflation...
2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED....
2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED. For the real GDP, the data online is chain-weighted and uses 2012 as the base year. In the lecture hursday, I showed you the detailed method and calculated the new chain-weighted real GDP when 1990 is the base year. You are required to calculate a new sequence of chain- weighted real GDP given a new base-year. The base year you should use in your...
QUESTION 10 Consider the monthly data, including the estimates for March 2020, and the information in...
QUESTION 10
Consider the monthly data, including the estimates for March
2020, and the information in the articles. Which of the following
is the best analysis of and prediction for the money market in the
U.S. economy for the next few months?
a.
Shortages are causing panic buying by households, which has
increased money demand. Lenders are increasing their lending to
keep up with the needs of households and businesses. Money demand
is increasing more than money supply.
b.
Shortages...
1. Exercise 5.1 The forecasting staff for the Prizer Corporation has developed a model to predict...
1. Exercise 5.1 The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned-ride snowmobiles. The model specifies that sales, S, vary jointly with disposable personal income, Y, and the population between ages 15 and 40,Z, and inversely with the price of the snowmobiles, P. Based on past data, the best estimate of this relationship is: where k has been estimated (from past data) to equal 100 If Y $13,000, Z- $1,200, and P...
Chapter 13 Homework 00 Data on before tax income taxes paid, and consumption spending for the Simpson family in various years are given below. Before-tax inco ($) 25,800 27.000 28,69 Taxes paid (s) 3,00 Consumption spending ($) 20,000 21,350 22.07 23.600 4. Ono a. Graph the Simpsons' consumption function, then find their household's marginal propensity to consume and the intercept of the consumption function Instructions: On the graph below, use the line tool provided. Click and drag your mouse to...
Use the marginal income tax rates shown here to calculate the
average tax rate on an income of $100,000.
Taxable Income
Tax rate
$0–$8,700
10%
$8,700–$35,350
15%
$35,350–$85,650
25%
$85,650–$178,650
28%
$178,650–$388,350
33%
Over $388,350
35%
Average tax rate on $100,000 of income is ____________.
21.46%
24.27%
28.00%
10.5 points
QUESTION 2
Use the marginal income tax rates shown here to calculate the
average tax rate on an income of $200,000.
Taxable Income
Tax rate
$0–$8,700
10%
$8,700–$35,350
15%...
2. Download the annual real GDP and GDP data of the United States 1950-2018 from FRED. For the real GDP, the data online is chain-weighted and uses 2012 as the base year. In the lecture hursday, I showed you the detailed method and calculated the new chain-weighted real GDP when 1990 is the base year. You are required to calculate a new sequence of chain- weighted real GDP given a new base-year. The base year you should use in your...
QUESTION 10
Consider the monthly data, including the estimates for March
2020, and the information in the articles. Which of the following
is the best analysis of and prediction for the money market in the
U.S. economy for the next few months?
a.
Shortages are causing panic buying by households, which has
increased money demand. Lenders are increasing their lending to
keep up with the needs of households and businesses. Money demand
is increasing more than money supply.
b.
Shortages...
1. Exercise 5.1 The forecasting staff for the Prizer Corporation has developed a model to predict sales of its air-cushioned-ride snowmobiles. The model specifies that sales, S, vary jointly with disposable personal income, Y, and the population between ages 15 and 40,Z, and inversely with the price of the snowmobiles, P. Based on past data, the best estimate of this relationship is: where k has been estimated (from past data) to equal 100 If Y $13,000, Z- $1,200, and P...
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