10 Jul ECON 3130 Seattle PS 1, Part 2
Question Description
please read every question carfully and answer each one of them.
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ECON-3130, Winter 2019
Seattle University
PS 1, Part 2
(10 points)
The article below is a part of the myRA account debate. The funds deposited in myRA/IRA accounts are not subject to taxation until withdrawal, which can happen without penalty only after the program participants reach the age of 59. The new retirement account, myRA, would replace the current
saver’s tax credit with a federal 401k-style match for middle- and low-income workers.
1) The article says “myRA … was a long-term investment in national saving.” However, according to the system of national accounts that we studied in Lecture 1, investment and saving
have different meanings. Explain the difference between how these terms are used in the article vs. in the system of national accounts.
2) Assume supply of loanable funds is inelastic. Using the loanable funds market diagram, illustrate the expected effect of the myRA introduction. Label both axes, all curves, and write out expressions for demand and supply of loanable funds. Explain the economic meaning of the slope of the supply curve. To prepare for bonus parts of the exam, you might want to express the slope
of each curve using derivatives.
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