If the Size of Government Triples but at the Same

question 15

Multiple Choice

If the size of government triples but at the same time the economy doubles, then the relative size of government has

• A)no relevance.
• B)shrunk.
• C)remained constant.
• D)grown.

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Definitions:

Elastic Demand

A condition in which the percentage change in quantity demanded of a product is greater than the percentage change in its price, indicating high sensitivity to price changes.

Senior Citizens

Individuals who are considered elderly, typically qualifying for certain benefits at a particular age, often 65 or older.

Profit-Maximizing

A strategy or behavior aimed at making the highest possible profit, where marginal costs equal marginal revenues.

Identical Demand

Refers to a market situation where all consumers have the same desire or need for a particular product or service.