The "Dual Budgeting" System in Texas Means That Both

question 7

Multiple Choice

The "dual budgeting" system in Texas means that both

• A) revenues and expenditures are equal.
• B) the house and Senate must pass the budget.
• C) the comptroller and treasurer authorize spending.
• D) the governor and the legislature draw up budget proposals.

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Definitions:

Price Inelastic

Describes a situation where the demand for a product does not significantly change with a change in its price.

Gasoline Demand

The total quantity of gasoline that consumers are willing and able to purchase at various prices, within a given time period.

Equilibrium Price

The price at which the quantity of a good demanded equals the quantity of the good supplied.

Elastic Supply

A situation where the quantity supplied of a good or service changes significantly in response to changes in price.