Spending on programs for which there is no existing legal obligation to continue is called
A. discretionary.
B. mandatory.
C. non-obligatory.
D. entitlement spending.
Answer: A
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Suppose that when output is 20, marginal cost is $20, and average total cost is $30 . Then which of the following is most likely to be true?
a. Average total cost is declining. b. Average total cost is constant. c. Average total cost is rising. d. Average total cost is less than average fixed cost.
Prices can work to benefit the public interest by
A. raising corporate profit levels. B. improving the fairness of the distribution of income. C. allowing government to regulate the economy. D. allocating scarce resources to those who value the resource the most.
If the required reserve ratio is 0.2, the demand deposit multiplier is
a. 0.2 b. 0.8 c. 1.25 d. 5.0 e. 8.0
In 2011, the poverty line for a family of four in the U.S. was
a. $60,974. b. $23,021. c. $20,988. d. $17,642.