What special roles do the Budget Committees of the House of Representatives and the Senate play in creating fiscal policy?
What will be an ideal response?
Each year the Budget Committees of the House of Representatives and the Senate consider the budget proposed by the president, and develop their own ideas of how it should be modified. Eventually, formal conferences between the two houses resolve the differences between them and a series of spending acts and an overall budget act passed.
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A reason the production possibilities frontier exists is
A) unlimited resources and technology. B) scarcity of resources. C) scarcity of resources and unlimited technology. D) unemployment. E) that people's wants are unlimited.
Demand relates the amounts of a good purchased to
A) the amounts actually obtained. B) the gross domestic product. C) the quantity needed. D) the sacrifices required to obtain the good. E) the time required to produce the good.
For both Keynesians and monetarists to predict accurately the effects of a change in the money supply on the price level, they need to add ____ to their analysis
a. aggregate demand b. nominal GDP c. real GDP d. aggregate supply e. government spending
Refer to the above graphs. Which pairs of budget constraints represent only a decrease in the price of good A, but no change in income or change in the price of good B?
A. Graph A B. Graph B C. Graph C D. Graph D