Which of the following best describes the Employment Act of 1946?
(a) A piece of New Deal legislation that had to be postponed until after the war
(b) An effort to stabilize the U.S. balance of payments as the world moved toward
using the U.S. dollar as the main reserve currency
(c) An attempt to reduce the overall extent of federal responsibility in the
post-war national economy
(d) All of the above
(b)
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Which of the following is false about quantity discounts?
a. Quantity discounts are a form of price discrimination which allow a seller to charge a higher price for the first unit than for later units. b. Quantity discounts allow price discriminating producers to extract additional consumer surplus from customers. c. Price discrimination, such as offering quantity discounts, can result in a greater output, and thus greater consumer surplus and producer surplus, by a monopolist than if price discrimination was not possible. d. Quantity discounts benefit those customers who would not buy any of a monopolist's product at the price that the monopolist would charge if it could not price discriminate.
Charles wants to buy a pound of salted tuna. He is willing to pay up to $3 per pound for his favorite brand. The local store sells this brand of tuna for $2 . If Charles purchases a pound of tuna, then his consumer surplus is _____
a. $1 b. $1.50 c. $0.50 d. $2