Discretionary fiScal Policy Refers to

question 26

Multiple Choice

Discretionary fiscal policy refers to

• A) any change in government spending or taxes that destabilizes the economy.
• B) the authority that the president has to change personal income tax rates.
• C) intentional changes in taxes and government expenditures made by Congress to stabilize the economy.
• D) the changes in taxes and transfers that occur as GDP changes.

Identify the primary sources of law and their development in the U.S. legal system.

Distinguish between different classifications of the law and their significance.

Recognize the supremacy of federal statutes over state laws as per the U.S. Constitution.

Know the role of William Blackstone in defining law and understand the concept of common law.

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Definitions:

Nonprice Competition

Competition based on distinguishing one’s product by means of product differentiation and then advertising the distinguished product to consumers.

Real Characteristics

The tangible and genuine attributes or qualities that define an entity, object, or condition without distortion by perceptions or other external factors.

Product Promotion

The act of marketing or advertising a product to increase awareness or sales.

Different Industries

Sectors of the economy that produce different types or categories of goods and services.