In 2015, the Largest Single U

question 15

Multiple Choice

In 2015, the largest single U.S. federal government expenditure was:

• A) income security.
• B) health.
• C) national defense.
• D) interest on existing debt.
• E) education.

---

Definitions:

Annual Fixed Cost

Regular expenses incurred by a business or individual that do not vary with production level or output within a year.

Marginal Cost Curve

A graphical representation showing the change in total cost that comes with producing one more unit of an item.

Marginal Revenue Curve

A graph showing how marginal revenue varies as output quantity changes, important for understanding profit maximization.

Collude

When companies or organizations conspire or work together, often in secret, to control a market or manipulate prices at the expense of fair competition.