For the U.S. federal government, discretionary expenditures refer to
A) spending on entitlement programs.
B) spending on imports and exports.
C) spending on interest on federal debt.
D) spending that must be authorized by Congress each year.
D
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Producers of tablet computers will be able to lower the wage rate that they pay to their workers. You are asked to predict the effects on the supply of tablet computers, and the price of a tablet computer. You predict that the supply curve shifts
A) rightward, and the price is constant. B) leftward, and the price is constant. C) rightward, and the price falls. D) leftward, and the price rises.
Adaptive expectations assumes that individuals
A) can accurately predict the future. B) base predictions on random events (i.e., animal spirits). C) form their predictions of macroeconomic variables randomly. D) use all available information in predicting the future. E) none of the above