The Taxpayer Relief Act of 1997 created the Hope Higher Education Scholarship program, which provides a maximum of $1,500 in tax credits for the first two years of college for families with adjusted gross incomes of less than $100,000 . Which factor(s) of production will change as a result of this program? Explain how this program is expected to affect the U.S. production possibilities curve
Capital (human capital, to be exact) will increase. This program reduces the cost of attending college. As individuals invest in more human capital, the production possibilities curve will shift outward. The United States will be able to produce more.
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Most of the goods produced in an economy are ________
A) private goods B) public goods C) club goods D) inferior goods
Discuss the BRAC model and evaluate its performance in achieving the goals of economic development? Can this model be replicated in other countries?
What will be an ideal response?
A nation must have an absolute advantage in order to have a comparative advantage in producing a good or service
Indicate whether the statement is true or false
According to the capture hypothesis of regulation
A) regulation favors producers over consumers because the producers were able to pay off the regulators. B) regulation eventually favors producers over consumers because the producers have more at stake than individual consumers. C) regulation benefits the regulators and the legislators who support the regulation by enabling them to obtain favors from both producers and consumers. D) regulation benefits the consumers over producers because the number of consumers is greater than the number of producers, giving the consumers more political clout.