Prior to the 1880s, federal government control over the daily operations of private economic activity
(a) was important but not as important as during the 1880s and following decades.
(b) was virtually nonexistent; state and local governments handled any regulation or business management.
(c) was important, but in the 1880s and following decades, it became less important as it was realized that regulation was basically inconsistent with the efficient operation of free markets.
(d) was virtually nonexistent and did not become important until the Great Depression and New Deal programs of the 1930s.
(b)
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In the figure above, what happens to total revenue as we move from point A to point B?
A) It increases. B) It decreases. C) It remains constant. D) It becomes negative. E) More information about the elasticity of demand is needed to determine if it increases, decreases, or does not change.
Why do historians argue that there was a mixture of enterprise, partly private and partly governmental, in building our transportation system?
(a) Private individuals took the initiative and were able to extract special privileges and financial assistance from government for the purpose of enhancing their profits. (b) Political leaders, who wanted transportation improvement for reasons of local or national ambition, took the initiative and coaxed private enterprise into building the transportation system by the offer of special financial advantages. (c) The sheer size of the investment required for a transportation system was beyond the capability of private enterprise alone. (d) All of the above ideas have been used by historians to explain the mixture of enterprise in building our transportation system.
What's the firm's contribution margin?
a. $15 b. $18 c. $3 d. $4
Certificates of ownership of a company are called:
A. financial liabilities. B. stocks. C. limited liabilities. D. profits.