Which of the Following Statements About OMB Is/are Correct

question 1

Multiple Choice

Which of the following statements about OMB is/are correct?

• A) OMB was established through the Budget and Accounting Act of 1921 "... to serve the President ... in implementing Congress' vision across the Executive branch"
• B) OMB is responsible for budget development and execution
• C) OMB coordinates and revises regulations
• D) OMB directs government action through executive orders
• E) OMB has oversight responsibility for agency performance

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Definitions:

Marginal Costs

The additional cost incurred by producing one extra unit of a product or service, crucial for understanding economic efficiency and pricing.

Variable Costs

Expenses that vary directly with the level of production or output.

Long-Run Average Total Cost

The average cost per unit of output where all inputs are considered variable, calculated over a period where firms can adjust all factors of production.

Short-Run Marginal Cost

The cost incurred by producing one additional unit of a product or service in the short run, where some factors are fixed.