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• Q1:1. In this problem we consider a partial equilibrium model of the household sector. The price of the consumption good is equal to 1, whereas the wage rate is equal to w. (a) First consider a single household, who derives utility from consumption c and disutility from labor according to the welfare function 27 where y is a positive parameter. There is no other source of income than supplying labor. Convince yourself that the budget constraint is given by c≤ wl. What is the optimal consumption bundle (c, l) for this household? (b) Now assume that the population consists of a unit interval of households such as the one from part (a) but with different preference parameters 7. More specifically, two thirds of the households have y = 1/2 whereas the rest (one third) has y = 2. If all households maximize their welfare, what is the Gini coefficient of the resulting labor income distribution? (c) Finally, assume that the government collects a proportional labor income tax at rate 7 from the households and redistributes the total tax revenue in lump-sum form back to the households, whereby every household gets the same transfer T. Convince yourself that the budget constraint of the households is now given by c≤ (1-7)wl + T. Assuming again that all households maximize their welfare, what is the relation between 7 and T and how does the Gini coefficient of the net income distribution (i.e., the distri- bution of incomes after taxes and transfers) depend on 7?See Answer
• Q2:Economic and monetary policies and/or sanctions have a direct impact on international trade. For this week's discussion, please: • Discuss the Russian-Ukrainian war that began on February 24, 2022, and the subsequent economic sanctions against Russia. Specifically, appraise the effect for Russia of being disconnected from SWIFT, losing the Most Favored Nation status, losing its oil export to the United States, and being barred from obtaining loans from the International Monetary Fund and the World Bank. • Distinguish the implication of these sanctions for Russia's trading partners. • Appraise how the Kingdom of Saudi Arabia can navigate the new economic climate caused by this crisis. See Answer

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