The Process of Using Public Policy to Gain Economic Profit

question 110

Multiple Choice

The process of using public policy to gain economic profit is

• A) deadweight loss.
• B) never successful.
• C) rent seeking.
• D) illegal.

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Definitions:

Direct Labor Standard

A predefined measure of the amount of labor time that is considered necessary to produce one unit of output.

Cost Standards

Predetermined costs that serve as a benchmark for evaluating the actual performance and budgeting of a company.

Past Cost Data

Historical financial information on the costs associated with production, operations, or projects, used for planning and analysis.

Technology

The application of scientific knowledge for practical purposes, especially in industry.