The congressional act passed in 1978 that established specific numerical goals for the unemployment rate and the inflation rate to be achieved by 1983 was the
A) Federal Reserve Act.
B) Gramm-Rudman Act.
C) Employment Act.
D) Humphrey-Hawkins Act.
Ans: D) Humphrey-Hawkins Act.
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A recession is a period during which
a. aggregate demand, production, and unemployment rises. b. aggregate demand, production, and unemployment falls. c. aggregate demand, production, and unemployment remain the same. d. aggregate demand and production rises while unemployment remains the same. e. aggregate demand and production falls while unemployment rises.
According to the Gerschenkron model, the impulse to overcome relative backwardness came from:
a. Emperor Hirohito b. The Tokugawa warriors c. The Emperor code d. Confucius e. The realization of relative backwardness
Which of the following would cause the demand curve for automobile workers to increase?
A. Higher gas prices. B. A decrease in price in automobiles. C. A better organized assembly line where specialization increased output. D. Higher social security taxes.
A profit-maximizing business will increase production as long as
A. marginal revenue exceeds marginal cost. B. marginal cost exceeds marginal revenue. C. average product exceeds marginal price. D. marginal price exceeds average product.