With the Passage of the Personal Responsibility and Work Opportunity

question 4

Multiple Choice

With the passage of the Personal Responsibility and Work Opportunity Reconciliation Act of 1996, the Aid to Families with Dependent Children program became ______.

• A) work for impoverished families
• B) welfare to work
• C) temporary assistance for needy families
• D) subsidy for needy children

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Definitions:

Money Supply

The full volume of financial resources in an economy at a particular point.

Wealth-effect

The phenomenon where consumers spend more as the value of their assets, such as property or stocks, increases.

Real Wealth

The value of an individual's or entity's assets and resources, adjusted for inflation, reflecting the actual purchasing power over goods and services.

Aggregate Demand

The total demand for all goods and services within an economy at given price levels and in a given time period.