Public Bureaucracies Are Powerful Because

question 20

Multiple Choice

Public bureaucracies are powerful because

• A) they are not subject to control by the president or Congress.
• B) their actions cannot be overturned or challenged by courts.
• C) they have the power of both "the purse" and "the sword."
• D) legislatures, chief executives, and the people delegate vast power to them to make sure a particular job is done.
• E) every one of their employees is appointed for life.

Identify the conditions under which a business will continue to operate, shut down, or exit the industry.

Analyze the impact of output changes on different types of costs.

Understand the significance of economies of scale on long-run average cost.

Differentiate between total cost, variable cost, and fixed cost within the context of production.

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Definitions:

Interest Payable

The amount of interest expense that has been incurred by a company but has not yet been paid to the creditor; it is a liability on the balance sheet.

Current Liability

Obligations that a company needs to settle within one fiscal year or its current operating cycle, whichever is longer, often including accounts payable, short-term loans, and accrued expenses.

Accounts Payable

Amounts a company owes to creditors for items or services purchased on credit.

Mortgage Payable

A liability represented by a legal agreement granting a lender a lien on real estate property as security for the repayment of a loan.