In the pivotal Supreme Court decision Munn v Illinois (1877), the court held that
(a) natural monopolies were subject to government regulation.
(b) business in interstate commerce was subject to regulation.
(c) any business, whether or not a natural monopoly, or whether or not it was in interstate
commerce, may under certain circumstances be subject to regulation.
(d) only businesses chartered (licensed) by governments could be subjected to government regulation.
(c)
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Supply-side economics stress that: a. aggregate demand is the major determinant of real output and aggregate employment
b. tax rates are not a major determinant of real output and aggregate employment. c. an increase in government expenditures financed by higher tax rates will cause RGDP to rise. d. marginal tax rate changes can exert a significant impact on RGDP, even in the long run.
In which of the following countries has economic growth been sufficiently high that income would double every ten years?
a. India b. Mexico c. South Korea d. Zimbabwe
In the short-run velocity is not constant. Which of the following variables can be affected by a change in money supply?
I. real GDP II. nominal GDP III. the price level A) III only B) II and III C) I, II, and III D) If velocity is not constant, then none of the variables is affected.
The part of corporate profits that is paid to the shareholders of a corporation is
A. shareholders. B. business revenue. C. dividends. D. retained earnings.