What are the main rules of the Budget Enforcement Act of 1990?
What will be an ideal response?
The two main rules are: 1 ) it imposed constraints on spending; 2 ) it requires that a new transfer program could only be adopted if it could be shown not to increase deficits in the future.
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Refer to Figure 14.3. To maximize the number of workers hired, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
If real GDP is increasing more rapidly than population,
a. population must be declining. b. the country will have to export more than it imports. c. the general level of prices must be increasing. d. per capita real GDP will be increasing.
Why is there no total revenue test for elasticity of supply?
Please provide the best answer for the statement.
The supply curve will be more inelastic when:
A. inputs to production are scarce. B. firms' response to a price change is limited by the limited capacity of their production facilities. C. a good has many substitutes. D. the firm is experiencing diminishing returns to a variable input.