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1. Using the substitution effect and income, we can explain changes in individual behavior when the government runs tuition subsidies for higher education programs. Describe

1. Using the substitution effect and income, we can explain changes in individual behavior when the government runs tuition subsidies for higher education programs. Describe the individual changes that occurred? Is there a substitution effect and an income effect?

2. Social security resulted in a long-run fiscal crisis. What are the consequences of lowering the social security budget?

3. What are the consequences of higher indirect tax revenue than direct tax revenue?

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