The Ability of the Production Process to Make Different Kinds

question 84

Multiple Choice

The ability of the production process to make different kinds of products and to adjust the volume of output is known as ________.

• A)quality control
• B)flexibility
• C)dependability
• D)innovation

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Definitions:

Excess Burden

The amount by which the burden of a tax exceeds the total revenue collected. Also called deadweight loss.

Tax Revenue

The revenue collected by governments from taxes.

Tax

A compulsory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.

Excess Burden

The cost to society created by market inefficiency, particularly through taxation or other government policies, beyond the immediate financial effects.