In Public Policy, the Iron Triangle Refers to ______

question 1

Multiple Choice

In public policy, the iron triangle refers to ______.

• A) agreements among members of Congress to vote for bills that other members favor, so that others will support bills that a member wants
• B) a procedural move in Congress that directs committees to create or revise legislation to meet a specific budgetary target
• C) a policymaking relationship between interest groups, congressional committees, and relevant bureaucrats
• D) the rewarding of presidential supporters with appointments to bureaucratic positions

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Definitions:

Fixed Expense

An expense that does not change with the level of production or sales, such as rent, salaries, and insurance.

Administrative Expense

Costs related to the general administration of a business, including office supplies, salaries of administrative personnel, and utilities.

Freight-Out

The cost of shipping goods to customers, which is typically recorded as a selling expense.

Production Budget

A plan that outlines the number of units to be produced within a specific period to meet anticipated sales and inventory needs.