The Federal Judicial Branch of the U.S.government

question 1

Multiple Choice

The federal judicial branch of the U.S.government

• A)interprets statutes.
• B)passes statutes.
• C)issues executive orders.
• D)creates administrative agencies.

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Definitions:

Long-Run Supply Curve

A curve that shows the relationship between market prices and quantities supplied over a period when all production inputs are variable.

Mad Cow Disease

A neurological disorder in cattle that can be transmitted to humans, causing a fatal brain disease.

Economic Profits

Profits exceeding the opportunity costs of all resources used by a firm.

Industry Supply Curve

A graphical representation showing the total amount of a commodity that all producers in an industry are willing and able to supply at different prices.