The deficit can be defined in simple terms as
a. Tax receipts ? government expenditures + transfers.
b. Tax receipts + government expenditures + transfers.
c. Government expenditures + transfers ? tax receipts.
d. Government expenditures ? transfers ? tax receipts.
c
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An economic model suggests that an additional year of education increases a student's future wages by 15 percent. Using this model, answer the following questions: a) Gary completes 8 years of education, and John completes 9 years of education
If Gary earns $20 per hour, how much is John expected to earn? b) John completes 9 years of education, and Kevin completes 12 years of education. Given John's earnings [as calculated in a)], how much is Kevin expected to earn? c) Is there any limitation to such a model? Explain your answer.
The figure above shows the market for low-skilled labor in Midland city. The government sets a minimum wage at $6 per hour
With the minimum wage law enacted, at the quantity of labor employed, the value to the firm of last worker hired is ________ the wage rate for which that person is willing to work. A) the same as B) $3 per hour less than C) $3 per hour greater than D) $1 per hour greater
The figure above shows the market for coffee. The ________ price that producers must be offered to get them to produce 30 million pounds of coffee per month is ________
A) maximum; $2.50 B) minimum; $2.50 C) maximum; $4.00 D) minimum; $4.00
If a yet-to-be released video game receives a positive review in a popular gaming magazine, what happens to the demand curve for the video game?
A) The demand curve is expected to shift to the right. B) The demand curve is expected to shift to the left. C) The demand curve is not expected to change. D) For those who read the review, demand shifts to the left. For those who don't read the review, demand shifts to the right.