The Gramm-Rudman-Hollings Act was an attempt to bring the federal budget into balance.
Answer the following statement true (T) or false (F)
True
The Gramm-Rudman-Hollings Act set a lower ceiling on each year's deficit until budget balance was achieved, and it called for automatic cutbacks in spending if Congress failed to keep the deficit below the ceiling.
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Suppose demand increases and supply increases. Which of the following will happen?
a. equilibrium price will increase b. equilibrium price will decrease c. equilibrium quantity will increase d. equilibrium quantity will decrease e. neither the equilibrium price nor the equilibrium quantity will change
The role of the progressive tax system as an autonomous fiscal stabilizer requires that the budget
a. should require actual deficits be equal to zero on average. b. should go into a surplus at appropriate points in the business cycle. c. cannot have a structural deficit component. d. Both a and b e. None of the above
A demand relationship in which the quantity demanded changes exactly in proportion to the change in price is
A) elastic. B) unit-elastic. C) inelastic. D) consistent with zero elasticity.
For production to be at the ________ level of output, marginal benefit must equal social cost.
A. loss-minimizing B. profit-maximizing C. efficient D. shut-down