The Economic Stabilization Act of 1970 gave private industry the right to establish wage and price controls, but President Nixon vetoed this power
Indicate whether the statement is true or false
False
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Along a short-run aggregate supply curve, a decrease in the price level means that
A) more output is produced as consumer demand increases. B) less output is produced as firms decrease production. C) more output is produced as firms increase production because wages fall more than the price level falls, making it profitable to hire more workers. D) output does not change because firms do not change the quantity they produce.
The figure above shows the market for milk. If a drought lowers the productivity of dairy cows so that they give less milk, then the efficient quantity of milk ________ and the consumer surplus ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Firms can only use one form of price discrimination
Indicate whether the statement is true or false
When you pay for some purchase with a check, cash must be transferred to another account to pay for the check
a. True b. False Indicate whether the statement is true or false