A Possible Budget Reform Is

question 56

Multiple Choice

A possible budget reform is

• A)a quadrennial budget
• B)breaking down the budget into increasingly small budget lines
• C)appointing agency heads with different priorities than those of elected representatives
• D)a biennial budget
• E)eliminating the operating budget

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Definitions:

Long Run

A period in economics where all factors of production and costs are variable, and firms can enter or exit the market.

Perfect Competitor

A theoretical market structure where numerous small firms produce identical products, allowing no single firm to affect the market price.

Long Run

In economics, this term describes a period in which all factors of production and costs are variable, allowing full adjustment to any change.

Total Profit

The financial gain made after subtracting all expenses from total revenue.