When a Budget Is Not Approved in Time,_____

question 61

Multiple Choice

When a budget is not approved in time,_____.

• A)agencies operate on the basis of continuing resolutions
• B)agencies operate on the basis of a budget resolution developed by budget committees
• C)agencies tend to shuts down
• D)the President can force Congress to act
• E)agencies borrow from the Federal Reserve

Analyze the impact of different pricing strategies on total surplus.

Evaluate the effects of shifts in supply and demand on producer and consumer surplus.

Recognize the significance of efficiency and equality in resource allocation.

Interpret supply and demand tables and graphs to determine economic outcomes.

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Definitions:

Living Trust

A legal document that allows an individual, the trustor, to designate another person, the trustee, to manage their assets for the benefit of a third party, the beneficiary, while the trustor is still alive.

Corpus

The principal amount of a trust or estate, as distinguished from income or interest generated by it.

Property Held

Assets owned by an individual or entity, including real estate, investments, personal property, and intellectual property.

Trust

A fiduciary arrangement wherein one party, known as the trustee, holds assets for the benefit of another party, known as the beneficiary.