Laws Passed by Local Governing Bodies Such as a City

question 4

Multiple Choice

Laws passed by local governing bodies such as a city council are usually referred to as:

• A)legislative acts.
• B)codes.
• C)statutes.
• D)ordinances.
• E)b and c

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Definitions:

Agricultural Price Supports

Government interventions to stabilize or increase agricultural commodity prices through various mechanisms such as subsidies or purchase commitments.

Marginal Cost

The additional cost incurred by producing one more unit of a product.

Rent-seeking

It involves seeking to increase one's share of existing wealth without creating new wealth, often through manipulation or exploitation of the economic environment.

Public Choice Theory

An economic theory that applies principles of economics to analyze political behavior and decision-making.