Law Pertaining to Rules Set Down by Any of the Numerous

question 102

Multiple Choice

Law pertaining to rules set down by any of the numerous agencies and departments created to administer federal or local law is called _____.

• A)administrative law
• B)statutory law
• C)federal-state regulation
• D)tort law

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Definitions:

Saving

The portion of income not spent on consumption or taxes, typically put aside for future use or investment.

APC

The acronym for Average Propensity to Consume, which measures the fraction of income that households spend on goods and services rather than saving.

Disposable Income

The cash pile households can utilize for their spending and savings needs after income taxes are handled.

MPC

Marginal Propensity to Consume, which represents the ratio of change in consumer spending to a change in household income.