Senator Spendall Is Able to Use His Position on an Important

question 333

Multiple Choice

Senator Spendall is able to use his position on an important committee to set aside government funding specifically for a new bridge in his hometown. This is an example of

• A) earmarking.
• B) logrolling.
• C) pork-barrel legislation.
• D) the invisible hand principle.

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Definitions:

Perfectly Competitive Market

A market structure where many firms sell identical products, leading to price taking behaviour by all firms.

Short Run

A period of time in which at least one input, such as equipment or buildings, is fixed and cannot be changed.

Ceteris Paribus

A Latin term meaning "all other things being equal," used in economics to describe a situation where all variables except those under immediate consideration are held constant.

Perfectly Competitive Industry

An economic model where many firms sell identical products, entry and exit are easy, and no single firm can influence the market price.