What Was the First Major Federal Government Action Relating to Health

question 28

Multiple Choice

What was the first major federal government action relating to health?

• A) The Social Security Act
• B) The National Institutes of Health (NIH)
• C) The Public Health Service (PHS)
• D) Medicare and Medicaid

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Definitions:

Price Level

The mean of current prices for all goods and services generated within the economy.

Keynesian Theory

An economic theory proposing that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability.

Equilibrium Interest Rate

The interest rate at which the demand for funds equals the supply of funds in the financial market, bringing the market into balance.

Saving and Investment

Economic activities that involve setting aside money for future use and allocating resources into investments to generate returns.