The problem with a detailed federal government budget is that:
a. monetary policy becomes more difficult to implement
b. it reduces the flexibility of discretionary fiscal policy.
c. Congress cannot keep it up to date.
d. there is a shortage of congressional committees that deal with the budget.
e. there is a short review period, resulting in poor choices in funding programs.
b
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The rational expectations hypothesis implies that use of discretionary macro-policy as a stabilization tool will
a. be ineffective, even in the short run. b. be effective in the short run but ineffective in the long run. c. be effective both in the short run and long run. d. make it possible to trade-off a higher rate of inflation for a lower rate of unemployment.
Recall the Application about the price competition between satellite and cable TV services to answer the following question(s).Recall the Application. In most cases where satellite TV service is introduced in an area with cable TV service, if the price of cable TV increases, then consumer surplus (in the cable TV market) usually:
A. increases. B. decreases. C. drops to zero. D. becomes negative.