The Interstate Commerce Commission (ICC)
(a) was the first permanent independent federal regulatory agency.
(b) was established because, given the interstate nature of railroads, the regulation the public demanded from the states simply passed to the federal government.
(c) initially lacked the power to set railroad rates, but its founding marked the beginning of a kind
of federal government power capable of almost infinite expansion.
(d) is best described by all of the above.
(d)
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A one-year discount bond with a face value of $1000 has an interest rate of 4%. What is its price?
A) $960 B) $961.54 C) $996 D) $1,040
A perfectly competitive firm and a monopolistically competitive firm are similar in each of the following respects except
A. each has many buyers and sellers. B. firms sell homogeneous products in both markets. C. in having perfect information. D. for freedom of exit and entry.
Which of the following is included in M2 but not in M1?
a. currency b. demand deposits c. savings deposits d. All of the above are included in both M1 and M2.
In a diagram of aggregate demand and supply curves, the AD shortfall is measured as the
A. Horizontal distance between the aggregate demand curve necessary for full employment and the aggregate demand curve that intersects AS at the equilibrium price. B. Vertical distance between the recessionary GDP gap and the inflationary GDP gap. C. Horizontal distance between the equilibrium output and the full-employment output. D. Vertical distance between the equilibrium price and the price at which the aggregate demand would intersect aggregate supply at full employment.