In 1994, Republicans introduced their "Contract with America." This plan
A) included a PAYGO rule.
B) would restrict the ability of monetary policy to affect the economy in the short run.
C) included a line item veto.
D) would make the Federal Reserve even more independent than it already is.
E) all of the above
C
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A deficit is defined as
A) the excess of total revenues over total expenditures. B) the sum of all past borrowing by the government. C) the excess of total expenditures over total revenues. D) government spending plus transfer payments.
If the price of a six-pack of Pepsi falls from $4 to $3 and the quantity purchased increases 80 percent, then demand is
A) inelastic. B) elastic. C) unit elastic. D) perfectly inelastic. E) perfectly elastic.
The opportunity cost of producing one more unit of a good or service is the
A) marginal cost. B) marginal benefit. C) efficient level of production. D) market outcome. E) price of the good or service.
The table above gives the utility Andy receives from different quantities of vanilla ice cream cones. Complete the table
What will be an ideal response?