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1) The Social Security system provides income for people over age 65. If a recipient of Social Security decides to work and earn some income, the amount of he or she receives in Social 1)Security benefits is typically reduced.
a) How does the provision of Social Security affect people's incentive to save while working?
b) How does the reduction in benefits associated with higher earnings affect people's incentive to work past age 65
2) Suppose the United States adopted central planning for its economy, and you became the chief planner. Among the millions of decisions that you need to make for next year are how many compact discs to produce, what artists to record, and who should receive the discs.
a) To make these decisions intelligently, what information would you need about the compact disc industry? What information would you need about each of the people in the United States?
b) How would your decisions about CDs affect some of your other decisions, such as how many CD players to make or cassette tapes to produce? How might some of your other decisions about the economy change your views about CDs?
Any help from you will be appreciated
a) How does the provision of Social Security affect people's incentive to save while working?
b) How does the reduction in benefits associated with higher earnings affect people's incentive to work past age 65
2) Suppose the United States adopted central planning for its economy, and you became the chief planner. Among the millions of decisions that you need to make for next year are how many compact discs to produce, what artists to record, and who should receive the discs.
a) To make these decisions intelligently, what information would you need about the compact disc industry? What information would you need about each of the people in the United States?
b) How would your decisions about CDs affect some of your other decisions, such as how many CD players to make or cassette tapes to produce? How might some of your other decisions about the economy change your views about CDs?
Any help from you will be appreciated