Which of the following is true of the federal budget process in the U.S.?
a. Congress must approve a budget with at least a two-thirds majority vote
b. The federal budget must be balanced each year because the volume of international trade reduces if the government has a surplus or a deficit.
c. Most federal outlays are determined by existing laws.
d. Congress approves a budget that separates the capital budget and the operating budget.
e. Detailed budgeting allows the party in power to reward supporters.
c
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. The payoffs in the lower-right cell of the payoff matrix would change to
A) 0, 0. B) 550, 100. C) 100, 550. D) The payoffs would not change.
Refer to Table 2-9. Does either Japan or Thailand have an absolute advantage and if so, in what product?
A) Thailand has an absolute advantage in rice. B) Japan has an absolute advantage in wristwatches. C) Japan has an absolute advantage in rice. D) Thailand has an absolute advantage in both products.
A firm with two plants, A and B, has the following estimated demand and marginal cost functions:Qd = 120 - 10PMCA = 4 + (1 / 5)QAMCB = 6 + (1 / 10)QBWhat is the profit-maximizing price?
A. $9.50 B. $7 C. $8 D. $9 E. none of the above
If proceeds from loans are NOT deposited back in the banking system, then
A. the Fed intervenes by selling more Federal government bonds. B. the magnitude of the multiplier process is reduced. C. the magnitude of the multiplier process is increased. D. there is no effect on the magnitude of the multiplier process.