08 Jun Question Econ 104 – Homework 2 Due: Friday, September 25IN CLASS.
Question
Econ 104 – Homework 2
Due: Friday, September 25IN CLASS.
Name: ______________________________________________
Access ID: [email protected]
Instructions
Your answers MUST be typed in the space provided. Add additional space as required. If asked to draw a graph, you may draw the graph by hand after typing up and printing the assignment. Any hand drawn graphs must be contained within this assignment and not included on separate pieces of paper.
1. If you do not type your answers you will incur an immediate 50% PENALTY on the assignment.
2. Staple your homework. Paperclips, folded corners, or alligator clips etc. will incur an immediate 20% PENALTY.
Section 1: Short answer essay (add space as needed)
1. In recent years the states of Washington and Colorado have legalized marijuana. While marijuana remains illegal at the federal level, these states have stopped enforcing federal marijuana laws and have allowed individuals to purchase and sell marijuana in the market place. In doing so the states have brought one underground market to the surface. At the same time these states impose heavy taxes upon the drug. How would you expect the GDPs of these two states to change in the face of such countervailing policies?
2. During the republican presidential debate on September 16, 2015 presidential candidate Ben Carson proposed a novel idea. Dr. Carson suggested that the minimum wage should be indexed, assume to the CPI. If so indexed, the minimum wage would increase automatically over time as inflation erodes the purchasing power of money. Given the biases in the CPI, however, what problems might arise in the future, or what objections might be raised to such a policy? Stick to economic arguments.
3. During a recent meeting of the Federal Reserve Board of Governors, the Fed decided not to raise interest rates. It was deemed that the national economy was still weak and that inflation pressures were not strong. Suppose the Fed was wrong, however, and inflation began to rise unexpectedly. How might this be good for college students but bad for retirees?
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