Why did railroads come under government regulation?
(a) Disgruntled shippers and travelers raised an outcry about the routes of railroads.
(b) Some people effectively argued that railroads were charging "unfair" rates.
(c) The railroad industry was too competitive, thus driving rates below those necessary
to ensure normal profits for railroad companies.
(d) All of the above are correct.
(b)
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The Sherman Antitrust Act of 1890 was followed almost immediately in the 1890s by the largest merger movement ever known by Americans up to that point in U.S. history
Indicate whether the statement is true or false
If the exchange rate measured in euros per dollar increases, then
A) the dollar depreciates relative to the euro. B) the euro appreciates relative to the dollar. C) the euro depreciates relative to the dollar. D) neither currency appreciates or depreciates.
Which one of the following changes is consistent with a change in an economy's consumption function from C = $500 billion + 0.80Y to C = $700 billion + 0.80Y?
a. An increase in disposable income taxes. b. An increase in interest rates c. A decrease in permanent disposable income. d. An increase in wealth. e. An increase in savings.
In a perfectly competitive market, the number of sellers must be large enough that
a. none of them ever earns positive economic profits. b. none of them can significantly alter the price of the product. c. they each end up selling a slightly different product. d. it is easy for a particular firm to leave the market.