The legislation passed in 1946 that requires governmental institutions to promote "maximum employment, production, and purchasing power" is called:
A) Full Employment and Balanced Growth Act.
B) Federal Reserve Act.
C) Employment Act.
D) Unemployment Act.
C
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The idea that the business cycle is recurrent means that
A) declines in economic activity tend to be followed by further declines, and growth in economic activity tends to be followed by more growth. B) the standard pattern of contraction—trough—expansion—peak occurs again and again in industrial economies. C) many economic variables to move together in a predictable way over the business cycle. D) peaks and troughs of the business cycle occur at regular intervals.
Suppose our firm produces chartered business flights with capital (planes) and labor (pilots) in fixed proportion (i.e., one pilot for each plane). The expansion path for this business will:
A) increase at a decreasing rate because we will substitute capital for labor as the business grow. B) follow the 45-degree line from the origin. C) not be defined. D) be a vertical line.
Under oligopoly, collusive practices to fix prices are more likely to take place if
a. market demand is highly elastic. b. market demand is highly inelastic. c. there are a large number of firms in the industry. d. both market demand is highly inelastic and there are a large number of firms in the industry.
Policymakers have the ability to affect:
A. the economic incidence of a tax burden on the buyer and seller. B. the relative economic incidence of the tax burden on the rich and the poor. C. whether the buyer or seller will bear the actual burden of the tax. D. how the tax is shared between buyer and seller.