Federal tax dollars can be spent only if
A. Congress passes a law and overrides a veto.
B. Congress passes a law that the President signs.
C. Congress passes a law that the President signs and overrides a veto.
D. Congress passes a law and fails to override the veto.
Answer: C
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Perfectly competitive industry X has constant costs and its product is an inferior good. The industry is currently in long-run equilibrium. The economy now goes into a recession and average incomes decline. The new long-run equilibrium will result in a(n)
A. decrease in output, but not in the equilibrium price of the product. B. increase in output and in the equilibrium price of the product. C. increase in output, but not in the equilibrium price of the product. D. decrease in output and in the equilibrium price of the product.
Assume that an economy's real GDP multiplier is 2 and that this economy is in equilibrium at $500 billion. If the government wants to move this economy to full-employment at $600 billion, while maintaining a balanced budget, it must choose which of the following options?
a. Increase government spending and taxes by $100 billion b. Decrease government spending and taxes by $100 billion c. Increase government spending and taxes by $200 billion d. Decrease government spending and taxes by $200 billion
An increased equilibrium price and a decreased equilibrium quantity results from:
a. a decrease in supply. b. an increase in demand. c. an increase in supply. d. a decrease in demand.
A farmer buys seed for 20 cents that is used to grow wheat. The farmer sells the wheat to the miller for 35 cents, and the miller makes flour, which is then sold to the baker for 55 cents. The baker makes bread and sells it to the grocer for 80 cents, and the grocer sells the bread to a family for 90 cents. What is the value added of the baker and what is the sum of the value added at each stage of production?
A. 25 cents; $2.90 B. 80 cents; $1 C. 25 cents; 90 cents D. 80 cents; $2.90