In Nebbia v New York (1934), the doctrine of Munn v Illinois (1877)
(a) was held to be irrelevant.
(b) was upheld for all cases.
(c) was upheld for interstate commerce.
(d) was overturned explicitly.
(b)
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Refer to Edgeworth Box Economy. The initial holdings of an individual in an Edgeworth box is referred to as
a. the contract point. b. the endowment point. c. the Pareto preferred point. d. the competitive equilibrium point.
Refer to Table 11.1. What is the value of the marginal propensity to consume?
A) 0.15 B) 0.6 C) 0.75 D) 0.9
If the nominal exchange rate rises and price levels stay constant, the real exchange rate will
A) rise. B) fall. C) stay constant. D) could rise, fall or stay constant.
Which of the following is the most important nonmarket transaction omitted from the GDP?
a. service of housewives or househusbands b. tending small gardens c. bartering between two people d. mowing the lawn