The Purpose of Revolving Funds of the Federal Government Is

question 7

True/False

The purpose of revolving funds of the federal government is similar to that of proprietary funds of state and local governments.

Understand the principle of scarcity and its implications on resource allocation.

Recognize the economic rationale behind individual and collective decision-making at the margin.

Identify the principles of opportunity cost and how they influence trade-offs.

Illustrate the benefits of specialization and trade for individuals, states, and countries.