Which law specifically mandated the federal government's responsibility for economy-wide stability?
A) the Employment Act of 1946
B) the Sherman Act of 1890
C) the Glass-Steagall Act of 1933
D) the Volcker Act of 1960
Answer: A
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The marginal rate of technical substitution of labor for capital (MRTSLK) measures
a. the amount of capital that can replace a unit of labor without affecting the firm's output. b. the additional output attributable to a 1% increase in labor and capital usage. c. the rate at which the firm can exchange labor for capital in the input markets. d. the slope of the firm's expansion path.
Which graph in the above figure best represents a good that is an inferior good at some income levels, and a normal good at other income levels?
A) Graph A B) Graph B C) Graph C D) Graph D
Suppose that an individual consumes just two goods: Big Macs and milkshakes. In order to reach consumer equilibrium, the individual must arrange the consumption of Big Macs and milkshakes so that the:
a. marginal utility of the two goods is equal for the last dollar spent on each good. b. ratio of marginal utility to price is the same for both goods for the last dollar spent on each good. c. ratio of marginal utility of milkshakes to the marginal utility of Big Macs is 1 for the last dollar spent on each good. d. price paid for the two goods is the same.
When a small country imposes a tariff, the domestic price of the good increases. This causes a production effect and a consumption effect. Explain carefully these two effects, and discuss whether they increase or decrease the country's well-being.
What will be an ideal response?