Explain the difference between discretionary and automatic fiscal policy. Provide examples of each
What will be an ideal response?
Discretionary policy is an action that is initiated by an act of Congress such as implementation of a spending program or a change to tax law. Automatic fiscal policy is triggered by the state of economy and happens naturally such as a decrease in tax revenues as a result of a fall in incomes or an increase in unemployment payments due to an increase in the unemployment rate.
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All workers must join the union within 30 days after employment in a
A. union shop. B. closed shop. C. craft union. D. business union.
The shape of the short run aggregate supply curve is generally believed to be
a) a decreasing function of the price level b) an increasing function of the interest rate c) an increasing function of the price level d) vertical e) backward-bending
Pointy Stone State Park is the sole employer of naturalists in the area. The table above provides information about the supply of naturalists and the value of marginal product of labor for naturalists
On the last naturalist hired, Pointy Stone State Park will earn a profit of A) zero. B) $100 per week. C) $150 per week. D) $200 per week.
Distinguish between the balance of payments and the balance of trade
What will be an ideal response?