The ________ declared that part of the Gramm-Rudman-Hollings Act was illegal and that the mandated automatic spending cuts had to be approved by the Congress.
A. U.S. Supreme Court
B. Federal Reserve Board
C. president
D. U.S. Senate
Answer: A
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Marginal benefit is the
A) total benefit we receive from consuming a good or service. B) additional benefit we receive from consuming one more unit of a good or service. C) minimum amount of other goods or services we are willing to give u
People who live in apartment buildings across from a football stadium are able to watch football games from the balconies of their apartments instead of paying for tickets to sit inside the stadium. For these free riders, the football games are
A) rival and excludable. B) rival and nonexcludable. C) nonrival and excludable. D) nonrival and nonexcludable.
You are given the following information on the macroeconomy (in millions dollars):
Consumption: 250 + 0.50Y Investment: 100 + 0.10Y Government Spending 400 Exports 50 Imports 50 + 0.25Y Compute the equilibrium level of income, the size of the multiplier, and the change in equilibrium income for a decrease in autonomous investment of $75 million.
The definition of a price taker is:
A. having market power. B. having no control over the market price. C. being competitive. D. having government determine what you sell goods and services for.