Which of the Following Statements Are FALSE

question 3

Multiple Choice

Which of the following statements are FALSE?

• A) The determination of the ratio and thus the precedent in a previous case may be seen as a process of deductive reasoning
• B) The binding element in any precedent is the ratio decidendi of the decision
• C) It is for politicians to determine the ratio of any authority
• D) In delivering his decision, the judge does not separate the ratio of the case from other obiter comments
• E) The ratio is a legal abstraction from the concrete facts of the case in which it appears

Recognize the impact of taxes on different income groups.

Identify the primary sources of tax revenues and government spending patterns.

Understand tax legislation and fiscal policy changes over recent decades.

Analyze the economic and social implications of tax policies and government spending.

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Definitions:

Lag

Lag refers to a delay that occurs between the cause and effect of an economic policy or other measured variable in the analysis of data.

Income Effect

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

Substitution Effect

The change in quantity demanded resulting from a change in the price of a good, making other goods more or less expensive relative.

Saving

The process of setting aside a portion of current income for future use or investment.