Which of the Following Acts Requires Employers with Federal Contracts

question 57

Multiple Choice

Which of the following acts requires employers with federal contracts to pay time and a half to any employee working more than eight hours per day?

• A) the Clayton Act
• B) the National Industrial Recovery Act
• C) the Sherman Antitrust Act
• D) the Walsh-Healey Act

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Definitions:

Economic Profits

Profits calculated by subtracting both explicit and implicit costs from total revenue, capturing the true economic value created.

Opportunity Costs

A concept in economics that describes the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another.

ATC

Average Total Cost is the sum of all production costs divided by the quantity of output produced.

Perfectly Competitive Firm

A theoretical business entity in a market where no single company can influence the price of goods or services, and where all products are identical.