Discretionary fiscal policy is so named because it:
A. is undertaken at the option of the nation's central bank.
B. occurs automatically as the nation's level of GDP changes.
C. involves specific changes in T and G undertaken expressly for stabilization at the option of
Congress.
D. is invoked secretly by the Council of Economic Advisers.
C. involves specific changes in T and G undertaken expressly for stabilization at the option of
Congress.
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A democratic (majority rule) decision over a multi-dimensional issue can be manipulated by an agenda setter only if voter tastes are not single-peaked.
Answer the following statement true (T) or false (F)
If the U.S. exports passenger jet aircraft, what is the effect in the foreign exchange market?
a. It will increase demand for U.S. dollars. b. It will decrease demand for U.S. dollars. c. It will increase supply of U.S. dollars. d. It will decrease supply of U.S. dollars.
The period of growth in real GDP between the trough of the business cycle and the next peak is called the
a. recessionary phase. b. expansionary phase. c. contractionary phase. d. cyclical phase.
If marginal revenue exceeds marginal cost, a profit-maximizing monopolist will
a. raise price and decrease output. b. lower price and increase output. c. reduce both output and price. d. hold output constant and raise price.