What Led to the Recognition That Presidents Had a Prominent

question 64

Multiple Choice

What led to the recognition that presidents had a prominent role to play in the economy after World War II?

• A)The Budget Act of 1921
• B) Woodrow Wilson's change to an annual State of the Union address
• C) the Employment Act of 1946
• D) the creation of the Federal Reserve Board in 1913
• E) the creation of the Bank of the United States

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Definitions:

Imperfectly Competitive Firm

A business operating in a market where it has some control over the price of its product because competition is not completely intense.

Marginal Revenue

The additional revenue that a firm receives from selling one more unit of a product.

Barriers to Entry

Obstacles that deter or limit the ease with which newcomers can penetrate an industry or business field.

Government Regulation

Rules established by authorities designed to control and guide the practices of businesses, protect consumers, and support fair market competition.