The Purpose of the Employment Act of 1946 Was to

question 21

Multiple Choice

The purpose of the Employment Act of 1946 was to

• A) formalize the U.S.government's responsibility for keeping the economy healthy.
• B) make the National Jobs Council responsible for keeping Americans employed.
• C) strengthen the New Deal's Wagner Act by extending workers' rights to organize and strike.
• D) provide unemployment insurance and other federal aid to unemployed World War II veterans.

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Definitions:

Market Price

The current price at which a good or service can be bought or sold, determined by supply and demand.

Diminishing Returns

A rule in economics that asserts once investments in a specific sector reach beyond a certain threshold, the returns on those investments will not keep rising if all other factors stay unchanged.

Marginal Costs

The additional cost incurred by producing one extra unit of a product or service, crucial for understanding economic efficiency and pricing.

Variable Costs

Expenses that vary directly with the level of production or output.