Which of the following is not a reason for changes in the politics of the budget process over the past forty years?
a. The changing composition of government spending toward social services.
b. The increasing size of budget deficits.
c. The increasing federal debt.
d. The move away from incrementalism in the budgetary process.
c
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If, in response to a decrease in the price of coffee, the quantity of coffee demanded increases, economists would describe this as
A) an increase in consumers' taste for coffee. B) an increase in quantity demanded. C) a change in consumer income. D) an increase in demand.
Logrolling:
a. occurs when legislatures trade voted in order to pass legislation beneficial to their own districts b. often leads to pork barrel legislation c. both of the above d. neither of the above
The economy is in equilibrium, TP = TE. Then, autonomous consumption rises. As a result, __________ rises, the __________ curve shifts __________, inventory levels unexpectedly __________, and business firms __________ the quantity of goods and services they produce
A) consumption; TE; downward; fall; increase B) consumption; TE; upward; fall; increase C) consumption; TE; upward; rise; decrease D) investment; TE; upward; fall; increase E) investment; TP; leftward; fall; increase
According to the assumptions of the quantity theory of money, if the money supply decreases by 7 percent, then
a. nominal and real GDP would fall by 7 percent. b. nominal GDP would fall by 7 percent; real GDP would be unchanged. c. nominal GDP would be unchanged; real GDP would fall by 7 percent. d. neither nominal GDP nor real GDP would change.