Under the Employment Act of 1946, what action did the federal government take for the first time in U.S. history?
(a) Assuming power and responsibility for managing the world economy
(b) Assuming power and responsibility for managing the U.S. economy
(c) Relinquishing all influence for managing the U.S. economy to state governments
(d) Relinquishing all influence for managing the U.S. economy to the private sector
(b)
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If you can produce more of something than others with the same resources, you have
A) a free-market economy. B) an absolute advantage. C) an efficient production system. D) a comparative advantage.
The sum of the marginal propensity to consume and the marginal propensity to save is always equal to
A) zero. B) 0.5. C) 1. D) 100.
Which statement was coined by Adam Smith?
A. By pursuing his own interest, he frequently promotes that of the society more effectually than when he really intends to promote it. B. The factory owner, by paying his workers meager wages, is able to use this surplus to buy more capital goods. C. The foundation of the United States' economic system is socialist ownership of the means of production in the form of state property and collective farm and cooperative property. D. None of these statements were coined by Adam Smith.
Net Exports are defined to be:
A. Imports + Exports. B. Imports ? Exports. C. Exports ? Imports. D. Exports ? Investment.