Parliament Passing That Mandates a Balanced Budget Every Year Is

question 86

Multiple Choice

Parliament passing that mandates a balanced budget every year is an example of

• A)active policymaking.
• B)decisive policymaking.
• C)nondiscretionary policymaking.
• D)cooperative policymaking.

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Definitions:

Excise Tax

A specific tax levied on certain goods, such as cigarettes or alcohol, usually to discourage their use or generate revenue.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount they actually pay.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, reflecting extra profit.

Relatively Elastic

Refers to a situation in which the demand or supply for a good or service greatly responds to changes in price.