What special role does the president play in creating fiscal policy?
What will be an ideal response?
Each year the president proposes the budget that Congress amends and enacts.
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The flu vaccination example in Section 1.1 of the textbook is an example of how policy makers may cope with
A) scarcity of medical treatment. B) scarcity of patients. C) scarcity of policy makers. D) answering the question of how to produce.
The idea of the invisible hand was introduced by
A. Wassily Leontief. B. Adam Smith. C. Thomas Jefferson. D. Mountifort Longfield.
People of Moifo, a small island country, use oranges in exchange for various goods and services. If all the oranges are of uniform quality, which of the following is likely to cause a collapse of the orange currency in Moifo? a. Oranges cannot serve as a medium of exchange. b. Oranges cannot serve as a unit of account
c. Oranges cannot store value. d. Oranges are not grown in the territory of Moifo.
If a perfectly competitive firm is producing at its profit-maximizing output in the short run and fixed costs decline, the firm should
A. Use less capital but increase output by hiring more labor. B. Not change output. C. Increase output. D. Reduce output.