State legislative terms for senators are
a. six years, as in the U.S. Senate.
b. six years in all but one state.
c. six years in most states, but four years in some.
d. four years for most states.
d
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Keynesian economic policy holds which of the following to be true?
a. Increasing tax rates will stimulate the economy. b. Government spending should focus primarily on social welfare. c. The key task for fiscal policy is to stimulate the supply of goods. d. Government should take the responsibility to stimulate the economy when it is lagging.
Answer the following statement(s) true (T) or false (F)
1. Classical economic theorists argue that tax cuts and other incentives for investors and businesses at the top will lead to economic benefits for those at the bottom. 2. Supply-side economies believe in zero government intervention to implement policies. 3. Classical economic theory draws on free market ideas. 4. The gross domestic product (GDP) is the nation’s total production of goods and services for a single year. 5. Federal budget processes did not exist before the Budget and Accounting Act of 1921.