The primary benefit of the automatic stabilizers is:
a. they provide public assistance through legislative decision making
b. they require no new legislative action, so there is no legislative lag before these tools respond to fluctuations in the business cycle.
c. they require legislative action, so there is a lag in response to these tools to fluctuations in the business cycle, and there is time to identify the spillover effects.
d. none of the above.
b
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The original six nations that formed the European Economic Community (EEC) were:
A) Spain, Portugal, Italy, Austria, Germany, and the United Kingdom. B) France, Bulgaria, Romania, Luxembourg, East Germany, and Russia. C) Belgium, France, Italy, Luxembourg, the Netherlands, and West Germany. D) Hungary, Austria, Germany, Poland, Belgium, and the United Kingdom.
In the above figure, curve D slopes downward because
A) average fixed costs decrease as output increases. B) all costs decrease as output increases. C) there are diminishing returns. D) there are decreasing marginal costs.