Wage and Price Controls

question 41

Multiple Choice

Wage and price controls

• A) are an effective means to control strong cost-push inflation over the long haul.
• B) are an easy and inexpensive means to contain inflation.
• C) typically are enthusiastically supported by labor unions.
• D) ultimately break down if monetary and fiscal policies are overly expansive.
• E) are least desirable during a period of all-out war or other national emergency.

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Definitions:

Globalization

The process by which businesses or other organizations develop international influence or start operating on an international scale, leading to an increased interconnectedness of the world's economies, cultures, and populations.

UCC

The Uniform Commercial Code represents a detailed collection of regulations that manage every commercial transaction across the United States, aiming to standardize the legislation related to sales and various commercial activities.

Sale of Goods

The sale of goods is a commercial transaction where the ownership of tangible personal property is transferred from seller to buyer for a price.

Unilateral Contract

A contractual agreement in which one party makes a promise in return for an act by another party.