The beginning of the formal budget process is signified by:
a. in the form of the Economic Report of the President
b. in a report followed shortly by the Economic Report of the President.
c. at the beginning of the fiscal year.
d. in a report that should be voted up or down within 60 days.
e. in a report that requires a two-thirds vote for ratification.
Answer: c. at the beginning of the fiscal year.
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In the graph for the consumption function, the 45-degree line
A) contains only a consumption component.
B) represents both planned consumption and planned investment.
C) shows various combinations where planned consumption equals real disposable income.
D) reflects a decreasing APC as real disposable income rises.
Economists assume that most individuals act as if they are motivated by self-interest and respond in predictable ways to changing circumstances
a. True b. False Indicate whether the statement is true or false
Which of the following is false? a. Market prices signal the relative availability of products to buyers
b. Market prices signal the relative value consumers place on products to sellers. c. The information and incentives offered by market price adjustments provide the "invisible hand" toward socially desirable cooperation between consumers and producers. d. None of the above are false; all are true.
It once took 90 percent of our population to grow our food. It now takes only 3 percent of the population to grow our food. Which of the following statements is true?
a. This loss of jobs has been detrimental to our economy. b. The government should provide subsidies to encourage more people to become farmers. c. The reduction in the number of farmers explains the increase in the price of food. d. This is progress because freed-up labor is used to produce other goods.