Identify each of the following events as: a) part of an expansionary fiscal policy b) part of a contractionary fiscal policy c) part of an expansionary monetary policy d) part of a contractionary monetary policy i. the corporate income tax rate is increased. ii. defense spending is increased. iii. families are allowed to deduct all daycare expenses from their federal income taxes. iv. the individual income tax rate is decreased. v. the federal reserve bank buys treasury securities. 4. assume the federal government runs a budget deficit in the current fiscal year. i. how can the federal government fund the deficit? ii. if the federal government decides to issue u. s. treasury securities to fund the deficit, what happens to the level of national debt, all else held constant? iii. assuming the federal government and firms compete for the same savers’ dollars in the loanable funds market, what is likely to happen to interest rates? iv. given your answer in (iii) above, is crowding out more or less likely to occur if the deficit is funded by treasury securities? explain.

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The hawthorne works was a large western electric factory with 45,000 employees. during the 1920s and 1930s, hawthorne works was the site of some well-known industrial studies. in one of the studies, researchers investigated the impact of different working conditions on worker productivity. prior to the start of the study, researchers secretly measured workers' productivity for several weeks. then researchers chose two workers, who then chose their own teams. the teams were separated from the general workforce and completed their work in different experiment rooms where the researchers could observe them more easily. over a 5-year period researchers manipulated the structure of the workday for each team (number and duration of breaks and number of hours per shift). for each of these changes in working conditions, the researchers measured the effect on productivity. for some conditions, such as frequent short breaks, workers rebelled by intentionally decreasing productivity. why did the researchers secretly measure the workers' productivity before creating the two treatment groups? a, to create similar treatment groups so that a cause-and-effect relationship could be establishedb, to draw conclusions about the productivity of all workers in the plant based on the test groupsc, to directly control for confounding variablesd, to provide a baseline for measuring worker productivity

If a firm plans to issue new stock, flotation costs (investment bankers' fees) should not be ignored. there are two approaches to use to account for flotation costs. the first approach is to add the sum of flotation costs for the debt, preferred, and common stock and add them to the initial investment cost. because the investment cost is increased, the project's expected return is reduced so it may not meet the firm's hurdle rate for acceptance of the project. the second approach involves adjusting the cost of common equity as follows: . the difference between the flotation-adjusted cost of equity and the cost of equity calculated without the flotation adjustment represents the flotation cost adjustment. quantitative problem: barton industries expects next year's annual dividend, d1, to be $1.90 and it expects dividends to grow at a constant rate g = 4.3%. the firm's current common stock price, p0, is $22.00. if it needs to issue new common stock, the firm will encounter a 6% flotation cost, f. assume that the cost of equity calculated without the flotation adjustment is 12% and the cost of old common equity is 11.5%. what is the flotation cost adjustment that must be added to its cost of retaine