Fiscal Policy Is Typically

question 47

Multiple Choice

Fiscal policy is typically:

• A)extremely flexible because most government spending is discretionary.
• B)extremely flexible provided policy lags are short.
• C)flexible despite the presence of implementation problems.
• D)difficult to implement quickly.

Understand and define the concept of conformity, including its classification as prosocial or antisocial.

Recognize situations where conformity to social norms is more likely to occur and explain why with examples.

Define and understand empathy, including whether it is exclusive to humans or present in other animals.

Explain the consequences of belief in a just world.

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Definitions:

Property Rights

Legal rights to possess, use, and dispose of assets, including real property or intellectual property, ensuring control and economic benefits to the rights holder.

External Costs

Costs of a transaction or activity that affect parties who are not directly involved in it, such as pollution affecting the wider community.

Law of Demand

The principle that, all else being equal, an increase in the price of a good will decrease the quantity demanded, and a decrease in price will increase the quantity demanded.

Income Taxes

Taxes levied by governments on individual or corporate income.