The Gramm-Rudman-Hollings Act of 1985 was designed to set a timetable to
a. reduce the national debt to zero
b. replace the progressive income tax with a flat-rate tax
c. make Social Security fiscally sound
d. replace the Social Security tax with a value-added tax
e. reduce deficit spending
E
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The circular flow diagram shows only the aggregate expenditures measure of GDP
Indicate whether the statement is true or false
Liquidity performance an increase in the rate of growth of the money supply cause?
A. Interest rates will fall B. Interest rates will rise C. Nominal wages will fall D. Nominal GDP will stay the same E. Real GDP will fall
In a certain economy, the components of planned spending are given by: C = 500 + 0.8(Y - T) - 300rI P = 200 - 400rG = 200NX = 10T = 150 Given the information about the economy above, which expression gives autonomous expenditures?
A. [760 ? 700r ] B. [790 ? 700r ] C. 0.8Y D. [910 ? 700r ]
Income transfer programs can change the mix of output.
Answer the following statement true (T) or false (F)