If Congress fails to pass a budget before the fiscal year starts, then federal agencies may continue to operate only if Congress has passed a:
a. balanced budget amendment.
b. deficit reduction plan.
c. conference resolution.
d. continuing resolution.
d
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What are the strengths and weaknesses of the negative income tax (NIT) as an alternative to traditional welfare programs?
The difference between the accountant's and the economist's measurement of cost is equal to implicit costs.
Answer the following statement true (T) or false (F)
Historians generally agree that the railroads
(a) were absolutely essential for industrial growth in the 19th century. (b) were an indispensable "leading sector." (c) were our first "giant" enterprises. (d) provided a "social saving" of 90% or more.
The endowment effect:
A. refers to the observation that people tend to value something more highly when they own it than when they don't. B. refers to the observation that people tend to value something more highly when they don't own it than when they do. C. refers to the fact that when confronted with many alternatives, people sometimes avoid making a choice and end up with the option that is assigned as a default. D. refers to the observation that people do not have a strong attachment to the status quo.