Which of the Following Is True

question 118

Multiple Choice

Which of the following is true?

• A)The budget approved by Congress cannot be modified throughout the fiscal year.
• B)The budget submitted by the president cannot be changed by Congress.
• C)In a recession, the actual budget is likely to reflect a larger deficit than the proposed budget.
• D)The budget submitted by the president can be changed by Congress and the Federal Reserve.
• E)Proposed taxes and spending programs will always be the same as actual taxes and spending programs.

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Definitions:

Marginal Revenue Product

The additional revenue generated from employing one more unit of a resource, used to make employment decisions.

Purely Competitive

A market structure characterized by an infinite number of buyers and sellers, products that are identical, and no control over the market price by individual firms.

Marginal Product

Represents the additional output that can be produced by adding one more unit of a specific input, keeping other inputs constant.

Productivity

A measure of the efficiency of production, often quantified as the ratio of outputs (goods and services) produced per input used (such as labor, materials, and capital).