Simplifying the Budget Document by Concentrating Only on Major Groupings

question 132

Multiple Choice

Simplifying the budget document by concentrating only on major groupings and eliminating line items would:

• A)ensure that cabinet members spend more time on administering an approved budget and defending a proposed budget.
• B)require longer-term economic forecasts that are difficult to obtain.
• C)prevent elected officials from including projects they prefer for their personal gains in the budget.
• D)increase the flexibility of the discretionary fiscal policy implemented by the federal government.
• E)require shorter-term economic forecasts that are easy to obtain.

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Definitions:

Maximum Profit

The highest level of profit that can be generated from operations under given conditions and constraints.

Pricing High

Setting the price of a product or service significantly above the cost of production or acquisition to achieve higher margins.

Best Response

In game theory, it is the strategy that will give a player the highest payoff, given the strategies chosen by other players in the game.

Simultaneous Game

A type of game in game theory where participants make decisions or select strategies at the same time without knowledge of the others’ choices, exemplified by the Prisoner’s Dilemma.