The First Official Statement of Goals for Macroeconomic Performance in the United

question 60

Multiple Choice

The first official statement of goals for macroeconomic performance in the United States came with the passage of the

• A) Federal Reserve Act of 1913.
• B) Employment Act of 1946.
• C) Great Depression Act of 1933.
• D) Full Employment and Balanced Growth Act of 1978.

---

Definitions:

Demand Function

An equation that illustrates the quantity of an item that will be purchased at various prices, often factoring in influences like consumer income and tastes.

Price Elasticity

Price elasticity measures the responsiveness of demand or supply of a good to changes in its price.

Absolute Value

The non-negative value of a number without regard to its sign.

Demand Function

A mathematical equation that specifies the quantity of a good or service demanded at various price levels, holding all other factors constant.