The Gramm-Rudman Act ______

question 37

Multiple Choice

The Gramm-Rudman Act ______.

• A) called for automatic 10 percent cuts on existing programs if Congress couldn't move toward a balanced budget in a given year
• B) established the House and Senate Budget Committees
• C) established a flat tax
• D) gave the Federal Reserve the power to control monetary policy
• E) created the Office of Management and Budget

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Definitions:

Due Diligence

The comprehensive investigation or exercise of care that a reasonable business or person is expected to take before entering into an agreement or transaction with another party.

Supply Chains

A network of individuals, organizations, resources, activities, and technology involved in the creation and sale of a product, from the delivery of raw materials from the supplier to the manufacturer, and ultimately to the end user.

Competent Parties

Individuals or entities that are legally able to enter into a binding contract, having the necessary legal authority and mental capacity.

Legal Subject Matter

The specific theme, topic, or focus of a legal document or discussion, often defining the scope of legal rights and duties.