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.
c
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Use the following table to answer the question below. Cloe is given $4 of pocket money to be spent on either hard candies or chocolates. Chocolates cost 40 cents each and hard candies cost 80 cents each. The marginal utilities derived from the consumption of each product are as shown in the following table.Number of ItemsMarginal Utility of ChocolatesMarginal Utility of Hard Candies160150250140340120430100520806107075508020If Cloe buys either chocolates or hard candies one piece at a time, what will be her first two purchases?
A. a chocolate, followed by another chocolate B. a hard candy, followed by another hard candy C. a hard candy, followed by a chocolate D. a chocolate, followed by a hard candy
When a society's economic institutions provide secure property rights, set up a judicial system that enforces contracts and upholds the law, allow private parties to sign contracts for economic and financial transactions, and maintain relatively free
entry into different businesses and occupations, the institutions in the society can be said to be: A) inclusive. B) extractive. C) exogenous. D) exclusive.
If the absolute price elasticity of demand for good Y is 0.5, when there is a 20 percent increase in price, we can conclude that quantity demanded
A) has fallen by 100 percent. B) has fallen by 1 percent. C) has fallen by 10 percent. D) has fallen by 4 percent.
The problem of overfishing in waters that are commonly owned can be solved when the government determines the total amount of fish can be removed from a given area during each fishing season. Then the fishermen
A) will not be able to fish. B) can trade their rights (shares) to fish or not. C) will externalize their private costs to the government. D) will lower their private costs to fish.