During the antebellum period, the federal government assumed
(a) responsibility for full employment.
(b) responsibility for stable prices.
(c) responsibility for the overall economy through control of the money supply.
(d) little responsibility for most economic matters, leaving them to private individuals in businesses and households.
(d)
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What makes up M1? Is M1 larger or smaller than real GDP?
What will be an ideal response?
In the above figure, Graph D with units of capital on the vertical axis and units of labor on the horizontal axis implies that
A) the marginal product of labor is increasing as more labor is employed. B) the marginal product of labor is decreasing as more labor is employed. C) the capital and labor are perfect substitutes. D) capital and labor have to be employed in fixed proportions.