What Has Been the Practical Effect on Macroeconomic Policy of the Huge

question 42

Multiple Choice

What has been the practical effect on macroeconomic policy of the huge U.S.federal budget deficits of the 1980s?

• A)The automatic stabilizers no longer functioned.
• B)It was tough gaining support to cut taxes or raise government purchases of goods and services during cyclical downturns.
• C)Monetary policy has become less useful than fiscal policy because the deficits are so large that they have a greater impact than the money supply.
• D)There has been more emphasis on fine-tuning the economy than there was previously.
• E)There is now a consensus among economists that a balanced budget amendment should be adopted.

Understand the purpose and procedure of debriefing in psychological studies.

Recognize the limitations of laboratory experiments in mirroring real-world conditions.

Understand the process of the scientific method within psychology.

Know the historical figures and milestones in the development of psychology.

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Definitions:

Preexisting Duty

Preexisting duty refers to an obligation that a party is already legally required to perform, which cannot be used as consideration for a new contract.

Past Consideration

Something given or some act done in the past, which cannot ordinarily be consideration for a later bargain.

Consideration

In contract law, it is something of value exchanged between parties as part of an agreement, serving as the reason or inducement to enter into the contract.

Legally Sufficient

A term indicating that an act, document, or process meets all necessary legal requirements and standards.