The mid-1990s political debate on welfare resulted in Congress legislating in August of 1996,
a. the Taft-Hartley Act
b. the Small Business Job Protection Act
c. Graham-Rudman-Hollings
d. the Wilmot Proviso
e. the Personal Responsibility and Work Opportunity Reconciliation Act
E
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What is a normal profit? Is it part of the firm's opportunity costs, total revenue, or neither?
What will be an ideal response?
Constant returns to scale cause the long-run average cost curve to be:
a. horizontal. b. vertical. c. upward-sloping. d. downward-sloping.
Economists began to lose confidence in the Phillips curve during the:
a. 1930s. b. 1960s. c. 1970s. d. 1980s. e. 1990s.
An example of opportunity cost:
a. is the Chinese food that you gave up when you chose to eat Italian food. b. is the tuition that you pay to attend college. c. for a professor of economics is the pleasure that he or she derives from teaching economics. d. is sweets given up by a person who would never eat them even if he or she could. e. is the amount spent on buying movie tickets.