Amendments to the Constitution, Passed Since the Bill of Rights

question 32

Multiple Choice

Amendments to the Constitution, passed since the Bill of Rights, have generally focused upon

• A) extending democratic election procedures and changing procedural deficiencies in the original Constitution.
• B) expanding the scope of individual freedoms from governmental power.
• C) expanding the power of the government to regulate the economy.
• D) limiting the power of special interests in the United States.
• E) reducing waste and inefficiency in government.

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Definitions:

Entry And Exit

The ease with which new competitors can enter into an industry and existing ones can leave, influencing the competitive dynamics and profitability of a market.

Economic Profits

Economic profits refer to the excess returns a firm makes above its opportunity costs, factoring in both explicit and implicit costs.

Profit-Maximizing

The process of finding the level of output at which a firm makes the highest profit.

Short Run

A period in which at least one factor of production is fixed and cannot be varied by the firm.