Two court cases that applied to the regulation of business were Munn v Illinois (1877) and Nebbia v New York (1934). Regarding these two cases, which of the following is true?
(a) The former case, in effect, gave the federal government more comprehensive powers
to regulate business than the latter case.
(b) The latter case gave the federal government more comprehensive powers to regulate
business.
(c) Both cases were equally important in giving the federal government powers to
regulate business.
(d) Neither case was very important with regard to federal regulation of business but set
a precedent for later, more important court cases.
(b)
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When the production possibilities curve shifts outward,
A) the price level rises in the long run. B) the long-run aggregate supply curve is unchanged. C) the long-run aggregate supply curve shifts to the left. D) the long-run aggregate supply curve shifts to the right.
A market situation in which a large number of firms produce similar but not identical products is called
A) pure monopoly. B) monopolistically competitive. C) oligopolistic behavior. D) perfectly competitive.
When computing gross domestic product, government services are valued at the
a. price consumers pay for them. b. value of the resources used to produce them. c. value of comparable outputs from the private sector. d. value of taxes collected from consumers.
Government purchases exclude spending by the government for resources such as labor.
Answer the following statement true (T) or false (F)