Office Of Price Administration
The Office of Price Administration (OPA) was important during World War II because it controlled inflation by setting price limits and rationing essential goods like food and fuel. This helped ensure that everyone could afford necessities despite shortages caused by the war. The OPA highlighted the tension between government intervention and free-market principles, a debate that continues today in discussions about economic policy. For example, when the government sets minimum wages or regulates healthcare costs, it's echoing the OPA's efforts to balance fairness and market freedom. These ideas impact daily life because they influence how much people pay for groceries, rent, and other essentials, affecting overall economic stability and individual financial well-being.
Practice Version
Office Of Price Administration: Established to control money price controls and rents after the outbreak of WWII. Office of Price Administration. The Office of Price Administration was a government agency created during World War II to regulate prices and prevent inflation in the U.S. economy.