The Taft-Hartley Act of 1947 Was Passed to Check the Growing

question 75

Multiple Choice

The Taft-Hartley Act of 1947 was passed to check the growing power of

• A) the army and navy departments.
• B) blacks.
• C) labor unions.
• D) the federal bureaucracy.
• E) leftists and communists.

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Definitions:

Inelastic Demand

A situation where demand for a product or service is relatively unmoved or less sensitive to changes in price.

Elastic Supply

A situation where the quantity of a good supplied by producers changes significantly in response to a small change in price.

Tax Burden

The measure of taxes paid as a proportion of income or the overall economic impact of taxes on an individual or business.

Own Price Elasticity

A measure of the responsiveness of the quantity demanded of a good to a change in its own price.