What is a government's budget constraint in the long run as opposed to a given time period?
What will be an ideal response?
In a given time period, the government budget constraint is the limitation on public expenditures, which is the total amount of tax revenues plus borrowed funds. However, a government cannot borrow forever, so that its constraint in the long run is simply tax revenues.
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Workers compete against workers who have:
A. totally different human capital. B. similar human capital. C. the exact same type of human capital. D. all levels of human capital.
Refer to the below graph of the market for low-skilled labor. Sd is the supply of domestic resident workers, and St is the total supply of labor including undocumented workers. What is the equilibrium wage rate and equilibrium employment if there were no illegal immigration?
A. $14 and 142M, respectively
B. $13 and 135M, respectively
C. $14 and 120M, respectively
D. $17 and 135M, respectively
If you have found the percentage of the value of total revenue accounted for by the four largest firms in an industry, you have found the
A) elasticity of demand value. B) elasticity of supply value. C) Herfindahl-Hirschman Index. D) four-firm concentration ratio. E) monopolistic concentration index.
A budget line is the locus of all points representing every input combination of inputs that the producer can afford to buy with a given amount of money and given input prices.
Answer the following statement true (T) or false (F)