In what year did the federal government pass rules to set a 40-hour workweek?
A. 1979
B. 1886
C. 1938
D. The federal government has never done this.
Answer: C
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The Federal Reserve Board of Governors
a. serve at the pleasure of the president similar to other cabinet positions. b. report directly to Congress and are controlled by Congress. c. consists of 12 members, one from each district bank. d. is structurally independent of the executive and legislative branches of the federal government.
?Assume the economy is experiencing an inflationary gap, classical economists believe that:
A. ?flexible wages will restore full employment. B. ?the federal government should decrease spending to shift the aggregate demand curve leftward. C. ?the Federal Reserve should lower the interest rate. D. ?the federal government should increase spending to shift the aggregate demand curve rightward.
Professional football players earn much higher wages than do accountants. Why?
What will be an ideal response?
Refer to Figure 4-21. The figure above represents demand and supply in the market for cigarettes. Use the diagram to answer the following questions
a. How much is the government tax on each pack of cigarettes? b. What portion of the unit tax is paid by consumers? c. What portion of the unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per pack received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this cigarette tax efficient?