A Local Government Is

question 34

Multiple Choice

A local government is:

• A)a separate level of government in its own right.
• B)comprised of a legislature, executive and judiciary.
• C)established by a state government to be responsible for local services.
• D)responsible for controlling power supply and health services.

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Definitions:

Households

Economic units consisting of all the people who occupy a housing unit, often playing a role as consumers in the economy.

Firms

Firms are business entities engaged in commercial, industrial, or professional activities, aiming to make a profit by providing goods or services.

Labor Supply Curve

a graphical representation showing the relationship between the wage rate and the quantity of labor workers are willing to supply.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute one good for another more or less expensive one.