If a Member of Congress Wishes to Get a Project

question 114

Multiple Choice

If a member of Congress wishes to get a project funded without writing a separate bill, they can attach it to a larger funding bill in the form of an ______.

• A)earmark
• B)filibuster
• C)cloture
• D)oversight

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Definitions:

Perfectly Elastic

describes a demand or supply scenario where quantity demanded or supplied changes infinitely in response to any change in price.

Efficient Level of Output

The quantity of production that maximizes the difference between total revenue and total cost, or equivalently, minimizes average total cost.

Perfect Competitor

An idealized market structure in which many firms sell identical products, entry and exit are easy, and all buyers and sellers are well-informed, leading to perfect competition.

Inelastic Demand Curve

A situation where the demand for a good or service does not significantly change with a change in its price.