A Congressional attempt to reduce deficit spending within a specific time frame was

a. the Kemp-Roth Act
b. the Gramm-Rudman-Hollings Act
c. the Tax Reform Act of 1986
d. the Humphrey-Hawkins Act of 1978
e. the Helms-Burton Act of 1995

B

Economics

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A sunk cost is

A) the cost for drilling certain types of wells, such as a well for water. B) a past cost that cannot be recovered. C) a cost that is highly relevant for decision-making. D) an opportunity cost.

Economics

If the market demand elasticity is constant at -3 and a monopolist's MPL = 1.2L-0.5, then the labor demand for the monopoly is

A) 0.8PL-0.5. B) 0.4PL-0.5. C) 0.8PL-2. D) 0.4PL-2.

Economics