The first formal acknowledgement of the primary macroeconomic goals of price stability, high employment, and promoting economic growth in the United States came with passage of the:
a. Federal Reserve Act of 1913
b. the Sherman Antitrust Act of 1890.
c. the Social Security Act of 1935.
d. the Employment Act of 1946.
d
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Suppose a firm is a price searcher in the product market and hires labor in a perfectly competitive labor market. The firm hires four workers, the marginal product of the fourth worker is 4, and the wage rate is $40 . The firm produces 100 units of the product, which sell for a price of $10 each. This firm is
a. maximizing profit when it hires four workers b. not maximizing profit and should hire more workers to increase profit c. not maximizing profit and should hire fewer workers to increase profit d. maximizing profit when it produces 100 units of the product e. not maximizing profit when it produces 100 units of the product and should increase production to increase profit
Federal government spending as a percentage of GDP was the highest since 1960 during: a. the Great Depression
b. the aftermath of the oil crisis in the Gulf nations. c. World War II. d. the aftermath of the Great Recession.