During the colonial period, regulation of business activities was the right of government and its duty—extensive regulation was done, such as licensing, inspection, price fixing, etc
Which statement best describes regulation in the decades after 1789? (a) Regulation continued at about the same level as during the colonial period.
(b) As commerce and manufacturing became more complex, the old police-power controls by detailed inspection became increasingly difficult to maintain and many controls were abolished by the states.
(c) Because the economy was becoming more complicated, the task of regulation shifted to the federal government.
(d) Regulation was abandoned because it was inconsistent with property rights guaranteed by the Constitution.
(b)
You might also like to view...
Refer to the following graph. The long run equilibrium price would most likely be
a. $1.80.
b. $1.60.
c. $1.20.
d. $0.60.
Look at the following data: consumption = $915 billion; exports = $40 billion; imports = $33 billion; inventory investment = $123 billion; fixed investment = $500 billion; government purchases = $300 billion. GDP is equal to
A) $1,632 billion. B) $1,466 billion. C) $1,911 billion. D) $1,845 billion. E) none of the above
Suppose that studies show that a ten percent increase in the minimum wage decreases the number of minimum wage jobs by one percent. That would be the case if:
A. demand for labor is inelastic. B. demand for labor is elastic. C. supply of labor is inelastic. D. supply of labor is elastic.
One timing problem in using fiscal policy to counter a recession is the "recognition lag" that occurs between the:
A. Start of the recession and the time it takes to recognize that the recession has started B. Start of a predicted recession and the actual start of the recession C. Time fiscal action is taken and the time that the action has its effect on the economy D. Time the need for the fiscal action is recognized and the time that the action is taken