The Employment Act of 1946 states that
a. the Fed should use monetary policy only to control the rate of inflation.
b. the government should promote full employment and production.
c. the government should periodically increase the minimum wage and unemployment insurance benefits.
d. All of the above are correct.
b
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Shelby said to her friend, "I just bought a new pair of climbing shoes and I love them so much that I totally would have paid more for them." Shelby was describing the concept of
A) consumer surplus. B) producer surplus. C) equilibrium. D) marginal cost. E) total surplus.
Politicians have often kissed babies to improve their re-election prospects. A rational politician will kiss babies as long as
A) the public is impressed. B) the marginal benefits exceed the marginal costs. C) there is a camera crew to document the activity. D) the babies are cute.