Which of the Following Officials Has Shared Responsibility Under Federal

question 60

Multiple Choice

Which of the following officials has shared responsibility under federal law for establishing and maintaining a sound financial structure for the federal government?

• A) Chief Financial Officer of the Congressional Budget Office.
• B) Chair of the Governmental Accounting Standards Board.
• C) Secretary of the Treasury.
• D) Chair of the Federal Accounting Standards Advisory Board.

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Definitions:

Economic Adjustments

Shifts in economic policies or market conditions that lead to changes in allocation of resources, production, and pricing.

Long-Run Equilibrium

A state in which all factors of production and costs are variable, and firms make no economic profit or loss over time.

Marginal Cost

The enhanced cost due to the creation of one more unit of a product or service.

Least-Cost Combination

is an economic principle where firms seek to produce a given level of output at the minimum cost by choosing the optimal mix of inputs or factors of production.