Practice Quiz

CLEP US History II

Category - Economic Development

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In 1946, the Council of Economic Advisors was created to promote:
  1. High revenue, high exports, and low unemployment
  2. High market growth, high market regulation, and low market variance
  3. High regulation, high employment, and low exploitation
  4. High employment, high profits, and low inflation
  5. High profits, high consumer protection, and low deflation
Explanation
Answer: D - The Council of Economic Advisors was created to promote high employment, high profits (or revenue), and low inflation. Congress created the council in 1946 as an advisory group within the Executive Office of the Presidency during the administration of President Harry S. Truman. In addition to advising the president on economic matters, they prepare the president’s annual economic report. The committee’s members are generally economists who worked in academia prior to their executive appointment.
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