Participation in the Formulation and Execution of Public Policy at Various

question 13

Multiple Choice

Participation in the formulation and execution of public policy at various levels of government is

• A) available only to individual citizens.
• B) required by the constitution.
• C) the definition of lobbying.
• D) the definition of political involvement.

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Definitions:

Industry Supply Curve

A graphical representation that shows the relationship between the price of a good and the total output of that good by all firms in the industry.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good which consumers are willing to purchase at different prices.

Deadweight Loss

A loss of economic efficiency that occurs when equilibrium for a good or service is not achieved or is not achievable.

Per-Unit Tax

A tax that is levied on a product based on a fixed amount per unit sold, not based on the value of the product.