Which of the Following Is the Role of the Government

question 28

Multiple Choice

Which of the following is the role of the Government Accountability Office (GAO) ?

• A)to monitor what agencies do with their budgets
• B)to make the budget for Congress [The GAO focuses its energy on checking to assure appropriated money is used-and used within the intended context.
• C)to propose new bills to implement the president's agenda
• D)to write tax codes based on yearly changes in law

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Definitions:

Absolute Advantage

The ability of an entity to produce a good or perform a service at a lower cost per unit than another entity with the same resources.

Gains From Trade

The economic benefits or advantages that arise from trading goods, services, or resources between individuals, organizations, or countries, typically resulting from specialization and the division of labor.

Comparative Advantage

The ability of an entity to produce goods or services at a lower opportunity cost than others, leading to more efficient trade possibilities.

Absolute Advantage

The ability of an entity to produce more of a good or service with the same amount of resources or the ability to produce the same amount with fewer resources than competitors.