Economics
ECON 104 UMass Amherst Employment Act & Minimum Wage Laws Questions

University of Massachusetts Amherst

Question Description

I need support with this Economics question so I can learn better.

Please answer one of the two the question below.(one page minimum 12 point front, normal margins, single-spaced)

1. Do we have a good understanding as to how extensive unemployment is at any given time in the United States? For example, the official U-3 unemployment rate today is 3.5 percent. In November, 2016, the official U-3 rate was 4.6 percent. But at that time, then candidate and now President Trump said he “doesn’t believe these phony numbers” on unemployment, and suggested then that the actual rate at that time was probably closer to 30 percent and could have been as high as around 42 percent. How can one explain these wide differences in perspectives?

2. In 1946, the U.S. government established the Employment Act, which committed the government to establish full employment as a central goal of government policy. But given that the U.S. economy is capitalist, was it realistic then, and is it realistic now, for the economy to operate at full employment?

There is also part 2 of this assignment

Describe in one paragraph the topic for your term paper. Include in this discussion at least 2-3 references on which you will be drawing in developing the term paper, and how you intend to use these references.

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Final Answer

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Running head: SHORT PAPER ASSIGNMENT

Short Paper Assignment
Student’s Name
Institutional Affiliation

1

SHORT PAPER ASSIGNMENT

2

Short Paper Assignment
Part 1
2. In 1946, the U.S. government established the Employment Act, which committed the
government to establish full employment as a central goal of government policy. But given
that the U.S. economy is capitalist was it realistic then, and is it realistic now, for the
economy to operate at full employment?
In 1946, President Harry S. Truman signed the Employment Act into law in a bid to
address the transitioning of the country's economy. During this time, American soldiers were
returning from WWII, which made the country’s economy to change from the production of
wartime goods (Federal Reserve History, 2013). The act was a revision of the previous law that
claimed Americans have a “right” to job opportunities. Its purpose was to improve employment
opportunities for those citizens seeking jobs and willing to work. The new law omitted the claim
that offered people the right to jobs because Congress wanted to maintain purchasing power. The
Act was successful in reviving t...

ProfHenryM (16612)
Carnegie Mellon University

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