The meaning of making "difficult choices" when creating a federal budget is: D. deciding what will be funded and what will be cut.
<h3>What is a federal budget?</h3>
A federal budget refers to a financial plan that is typically used by the government for the estimation of the revenue (taxation) and expenditures (spending) of a country over a specified period of time, which is often one year.
This ultimately implies that, making "difficult choices" when creating a federal budget simply means to decide what will be funded by the government and what will be cut from the budget.
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Answer:
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Answer:
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Explanation:
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Answer:
b. increase in assets and an increase in liabilities.
Explanation:
The journal entry to record the direct labor cost used is shown below:
Work in process Dr
To wages payable
(Being the direct labor cost used is recorded)
Here the work in process is debited as it increased the assets and credited the wages payable as it also increased the liabilities
Answer:
Option (E) is correct.
Explanation:
Allocative efficiency is created when the gap between marginal benefit and marginal cost is maximum. The marginal benefit is the benefit that a consumer can get by consuming an additional unit of a commodity and the marginal cost is the cost that a producer incurred by producing an additional unit.
Hence, the allocative efficiency is achieved where the difference between these two terms is maximized.