Formal Rulemaking Differs from Informal Rulemaking in That with Formal

question 9

Multiple Choice

Formal rulemaking differs from informal rulemaking in that with formal rulemaking:

• A) the procedures are governed by the same APA provisions that govern an adjudication.
• B) an agency must give prior notice of a proposed rule, usually by publication in the Federal Register.
• C) an opportunity must be given for interested parties to participate in the rulemaking.
• D) publication of a final draft of the rule, along with a statement of the rule's purpose, must be given at least fourteen days before its effective date.

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Definitions:

Child Tax Credit

A tax benefit offered to families with children, providing a reduction in their tax liability per child.

Labor Supplied

Refers to the total hours of work that workers are willing and able to provide at a given wage rate over a certain period.

Income Effect

The change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading a consumer to substitute one good for another.