Incrementalism Describes the Notion That _____

question 13

Multiple Choice

Incrementalism describes the notion that _____

• A)an agency's budget increases a small amount each year
• B)only one or two new programs are added to the budget every year
• C)government employees should only receive a cost-of-living adjustment annually
• D)government is slow to act because it is politically difficult to do so

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Definitions:

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and a product for which each seller offers an essentially identical item.

Efficient Outcomes

An economic condition whereby resources are allocated in the most effective manner, maximizing overall welfare.

Demand Curves

Graphic representations showing the relationship between the price of a good or service and the quantity of that good or service people are willing and able to buy.