When Does Legislation Expire

question 57

Multiple Choice

When does legislation expire?

• A)10 years after it has been enacted.
• B)When there is a change of parliament subsequent to a Federal election.
• C)When declared by the High Court of Australia.
• D)In accordance with a specific expiry clause contained within the legislation or when repealed by parliament.

---

Definitions:

Government Intervention

Regulatory actions taken by a government to affect or influence a specific sector of its economy, often to correct market failures or promote social welfare.

Allocative Efficiency

Refers to a market situation where resources are apportioned in the most efficient manner, allowing for the optimal combination of goods and services production to meet consumer preferences.

Consumer Surplus

The variance between the aggregate sum consumers are prepared and capable of spending for a product or service and the aggregate sum they end up paying.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service and the actual amount they receive following trade.