The problem with a detailed budget is:
a. that monetary policy becomes more difficult to implement.
b. that it reduces the flexibility of discretionary fiscal policy.
c. that the Congress cannot keep it up to date.
d. that there is a shortage of congressional committees which deal with the budget.
b
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For the economy as a whole: a. income must equal expenditures
b. expenditures exceed income because of taxes. c. income exceeds expenditures because of saving. d. expenditures exceed income because of the government budget deficit.
If you are living in a period of continued high inflation on a fixed income, the cost of the goods and services you buy ____ and your nominal income ____
a. decreases, decreases b. increases, increases c. decreases, remains the same d. increases, remains the same
According to economists, the income elasticity of an inferior good
a. is less than one b. exceeds one c. is zero d. is inelastic e. is negative
If real GDP increases by 6 percent and at the same time the population increases by 2 percent, then real GDP per person grows by
A) 3 percent. B) 6 percent. C) 8 percent. D) 4 percent. E) 2 percent.