The Short-Run Refers To

question 77

Multiple Choice

The short-run refers to:

• A)a time period of two years or less.
• B)the time period in which the usage of all inputs are held constant.
• C)the time period in which it is too costly to change the usage of at least one input.
• D)the time period in which the usage of all inputs can be changed.

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Definitions:

TANF

Temporary Assistance for Needy Families, a government program that provides financial aid to eligible low-income families.

Welfare Payments

Financial assistance payments made by the government to individuals or families, particularly those who are unemployed, disabled, or on low income.

Earned-Income Tax Credit

A returnable tax credit aimed at individuals and families with low to moderate income who work, especially those who have children.

Wage Subsidy

A financial incentive given by governments to employers to encourage the hiring of certain individuals, often used to reduce unemployment in disadvantaged groups.