The Four Freedoms

question 18

Multiple Choice

The Four Freedoms:

• A) was a campaign slogan of the Republicans.
• B) were the war aims of Nazi Germany.
• C) were President Roosevelt's statement of the Allied war aims.
• D) included the freedom to join the Communist Party.

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Definitions:

Nonlabor Income

Income received from sources other than direct employment or work, such as investments, pensions, or transfer payments.

Substitution Effect

The change in the quantity demanded of a good as consumers switch away from more expensive alternatives.

Income Effect

The change in consumer demand for goods and services induced by a change in consumers' discretionary income.

Labor Supply Curve

A graphical representation that shows the relationship between the wage rate and the quantity of labor workers are willing to supply.