The term “federalism” refers to which of the following?

You can also access the tables below at this URL: https://drive.google.com/file/d/1L810biNxX6w76aTkHEuD0B_E6EQPH_Fz/view?usp=sharing   

The term “deadweight loss” or “excess burden” is used to describe the

The minimum wage

A point outside the production possibilities curve represents a combination of goods that is

A point on the production possibilities curve represents a combination of goods that is

If the demand for a good is relatively elastic, this means that consumer purchases of the good are

The opportunity cost of an activity

If the demand for a good is relatively inelastic, this means that consumer purchases of the good are

Willingness to pay