In addition to advising the president, one duty of the Council of Economic Advisers is to
a. prepare the federal budget.
b. write government regulations.
c. advise Congress on economic matters.
d. write the annual Economic Report of the President.
d
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The gains from immigration of labor or capital to the recipient nation can be summarized as:
a. the total cost of acquiring new resources versus the cost of using domestic resources. b. the increase in prices minus the increase in the unemployment rate. c. the gain in domestic real GDP minus costs from immigration. d. the impact on the ability of labor unions to attract new members and the ability of domestic firms to retain profits.
If the government imposes an effective ________, output decreases and ________ increases
A) price support; consumer surplus B) price floor; consumer surplus C) price support; total revenue D) price floor; marginal benefit to consumers E) price ceiling; efficiency