The Idea, Much Talked About During and Since the Reagan

question 211

Multiple Choice

The idea, much talked about during and since the Reagan presidency, of turning government functions over to entrepreneurs was called

• A) privatization.
• B) volunteerism.
• C) gentrification.
• D) streamlining.
• E) reinvention.

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Definitions:

Efficient Recycling

The process of collecting, processing, and reusing materials in the most cost-effective, environmentally friendly, and resource-efficient manner.

Scrap

Discarded waste material, especially metal suitable for reprocessing or remnants from manufacturing processes.

Welfare Losses

Economic inefficiencies that occur when there is a divergence from optimal supply and demand conditions, leading to a net loss in social welfare.

MSC

Marginal Social Cost; the total cost to society of producing an additional unit of a good, including both private costs and any external costs.