Which of the following are problems with the federal budget process?
a. continuing resolutions instead of budget decisions
b. lengthy budget process
c. uncontrollable budget items
d. all of the above are problems with the budget process
d
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The income elasticity of demand is defined as the percentage change in
A) the quantity demanded resulting from a given percentage change in price. B) income divided by the percentage change in quantity demanded. C) the movement along the demand curve resulting from a change in income. D) the quantity demanded divided by the percentage change in income.
If a firm in a perfectly competitive market faces the cost curves in the graph shown and produces at the profit-maximizing level of output, which of the following is true? A firm will:
A. lose money and shut down in the short run if price falls below $15.
B. lose money, but continue to operate in the short run if price is at least $15.
C. make positive profits any time the price is greater than $15.
D. All of these are true.
Investment, as a part of GDP, includes:
A. spending on productive inputs such as stocks, bonds, and other types of financial instruments. B. any goods that are bought by firms who plan to use those purchases to produce other goods and services in the future, rather than consuming them. C. consumption goods that are purchased by households. D. any item you buy that you are looking for a return on over time.
Gold is a perfect medium of exchange and measure of value because of its:
a. divisibility, portability, and homogeneity. b. divisibility and durability. c. durability and relative scarcity. d. durability and homogeneity. e. divisibility, durability, and relative scarcity.