The Council of Economic Advisers

a. was created in 1776 and consists of three members and a staff of several dozen economists.
b. was created in 1776 and consists of thirty members and a staff of a dozen economists.
c. was created in 1946 and consists of three members and a staff of several dozen economists.
d. was created in 1946 and consists of thirty members and a staff of a dozen economists.


Answer: c. was created in 1946 and consists of three members and a staff of several dozen economists.

Economics

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If ______ then AVC is falling.

a. MC > AVC b. MC < AVC c. MC > AFC d. MC < AFC

Economics

The positive slope of the consumption function indicates that

a) consumers spend less out of each extra dollar of income b) the amount of household wealth is subject to change c) when prices fall consumers spend more d) consumers increase their total consumption expenditure when disposable income increases

Economics

GDP estimates expenditures for which of the following items?

A. "Psychic income" people derive from their work B. Do-it-yourself activities C. Household spending for health and home insurance D. Purchases of illegal drugs by addicts

Economics

Fiscal policy affects the goods market through

A. changes in taxes and government spending. B. changes in taxes and money supply. C. changes in government spending and money supply. D. changes in money supply.

Economics