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True or False:



The intent of the Full Employment and Balanced Growth Act of 1978 was to limit the unemployment rate and the inflation rate to no greater than 3%.


ATrue
BFalse

Verified Answer :

Final answer:

The Full Employment and Balanced Growth Act of 1978 aimed to promote full employment and economic stability but did not set specific limits on unemployment and inflation rates. Its intent was to create a framework for achieving full employment while addressing inflation as needed. Thus, the statement is False.


Explanation:

Full Employment and Balanced Growth Act of 1978

The Full Employment and Balanced Growth Act of 1978, also known as the Humphrey-Hawkins Act, was designed to promote full employment and sustainable economic growth. However, it did not specifically set a limit on the unemployment and inflation rates to no greater than 3%. Rather, the act stated objectives for achieving full employment and indicated that the national unemployment rate should be kept to the lowest possible level without resulting in inflation.

In essence, the intent of the act was to establish a framework for economic policy that would encourage both employment and stability while allowing for some degree of flexibility in dealing with inflationary pressures. Therefore, the statement that its intent was to limit the unemployment and inflation rates to no greater than 3% is False.


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