In the ________ Plan,governors Appoint Judges,based on Their Abilities and Experience,to

question 33

Multiple Choice

In the ________ plan,governors appoint judges,based on their abilities and experience,to fill a short initial term.After it expires,judges have to be elected by popular vote.This is called the merit system.

• A) Missouri
• B) California
• C) New York
• D) Kentucky

Understand the relationship between automatic stabilizers and budget outcomes.

Recognize the historical context and scale of U.S. budget deficits relative to GDP.

Comprehend the concept of a cyclically balanced budget in different economic conditions.

Know the implications of following a functional finance approach to federal budgeting.

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Definitions:

Unit Product Cost

The total cost incurred to produce, purchase, or manufacture one unit of a product, including direct material, direct labor, and manufacturing overhead.

Variable Costing

A financial recording technique that factors in only direct materials, direct labor, and variable manufacturing overhead as part of the product's costing.

Total Gross Margin

The total amount of revenue a company retains after incurring the direct costs associated with producing the goods it sells and the services it provides.

Unit Product Cost

The total expense incurred to produce, manufacture, or acquire a product divided by the number of units.