A biennial budget:
a. is more useful than an annual budget as a tool of discretionary fiscal policy
b. is implemented by the federal government, while an annual budget is implemented by state governments.
c. would ensure that cabinet members spend more time on administering an approved budget and defending a proposed budget.
d. would encourage cabinet members to focus more on running their agencies rather than being involved in budget deliberations.
e. would require shorter-term economic forecasts than an annual budget.
d
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In the real world we don't observe countries completely specializing in the production of goods for which they have a comparative advantage. All of the following are reasons for this except
A) some countries have more resources than other countries. B) tastes for many traded goods are different in many countries because of globalization. C) production of most goods involves increasing opportunity costs. D) not all goods and services are traded internationally.
Rent controls tend to _____ the housing supply and to _____ the rents that people in non-rent-controlled apartments pay.
Fill in the blank(s) with the appropriate word(s).