The Office of Management and Budget (OMB) Requires Major Federal

question 41

True/False

The Office of Management and Budget (OMB) requires major federal departments and agencies to prepare an annual performance report.

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Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved or is not achievable.

Equilibrium

A state in a market where the quantity demanded equals the quantity supplied, resulting in a stable market price.

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.

Excess Quantity

A situation where the supply of a product exceeds the demand for it.