Federal Budget Spending on Mandatory Programs

question 2

Multiple Choice

Federal budget spending on mandatory programs

• A)increased between 1962 and 1990 but has decreased dramatically since 1990.
• B)decreased between 1962 and 1990 but has increased dramatically since 1990.
• C)has remained constant since 1970.
• D)has grown dramatically since 1970.

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Definitions:

Variable Input

An input in the manufacturing process that changes in quantity relative to the level of production output.

Profit-Maximizing Level

The point at which a company achieves the highest profit possible, considering the level of output, costs, and pricing.

Nonlabor Resources

Inputs used in the production process that are not related to direct human labor, such as capital, land, and raw materials.

Wage Bill

the total amount of money paid by employers to their employees for work performed, typically within a specific period.