Before Any New Regulation Can Take Effect, It Must First

question 68

Multiple Choice

Before any new regulation can take effect, it must first:

• A) be reviewed by someone in the Executive Office of the President.
• B) be approved by Congress.
• C) be published in the Federal Register to notify the public.
• D) be approved by the president.
• E) be published on federal government Web pages.

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Definitions:

Excise Tax

A tax imposed on specific goods, services, or transactions, often included in the price of products like gasoline, alcohol, and tobacco, aimed at reducing their consumption or raising revenue.

Market Transactions

Actions that involve the exchange of goods or services for money, conducted within a marketplace.

GDP

Known as Gross Domestic Product, it is the sum of the market or money value of all produced finished goods and services within the territorial limits of a country in a given time span.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced by an economy in a given year in real terms.