The New START (Strategic Arms Reduction Treaty), a Replacement for an Older

question 44

Multiple Choice

The New START (Strategic Arms Reduction Treaty) , a replacement for an older nuclear arms reduction treaty between the United States and the Russian Federation that was signed by President Obama and then-Russian President Dmitry Medvedev and ratified by the Senate in 2011 after a 71-26 vote in its favor, was a classic example of:

• A) an executive-congressional agreement, which must be approved by a majority vote of the House and Senate, rather than a two-thirds "supermajority" vote in only the Senate.
• B) a multilateral agreement-that is, a treaty between more than two countries.
• C) a bilateral treaty-that is, treaties between two countries.
• D) the Senate exercising more power in foreign affairs than the president.

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Definitions:

Equilibrium Real GDP

The level of gross domestic product where aggregate supply equals aggregate demand at current prices, adjusted for inflation.

Marginal Propensity

Refers to the ratio of the change in an individual's consumption to the change in their income.

Disposable Income

Money available to households for personal spending and saving after deducting their income taxes.

Income-Expenditure Framework

An economic model describing the relationship between an economy's total income and the spending levels that determines its equilibrium output.