Changes in government spending and/or taxes as the result of legislation is called:
a. open market operations of the Federal Reserve.
b. discretionary fiscal policy.
c. balanced budget operations.
d. discretionary monetary policy.
b
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If the government imposes a price floor above the equilibrium price,
a. producers will eventually go out of business b. market equilibrium will result c. there will be an excess demand d. consumers will benefit e. producers will benefit
Suppose it takes Dan 5 minutes to make a sandwich and 15 minutes to make a smoothie, and it takes Tracy 6 minutes to make a sandwich and 12 minutes to make a smoothie. Which of the following statements is correct?
A. Tracy should specialize in sandwiches and smoothies. B. Dan should specialize in sandwiches, and Tracy should specialize in smoothies. C. Dan should specialize in both sandwiches and smoothies. D. Dan should specialize in smoothies, and Tracy should specialize in sandwiches.