Which of the following accurately describes condemnation by right of eminent domain?
(a) It involves the redistribution of property first owned by the government to private businesses.
(b) It was never exercised for such private purposes as acquiring land for canal or railroad construction during the antebellum period.
(c) The benefits can be diverse and the costs can be concentrated.
(d) It was never exercised by the federal government before the 1870s.
(c)
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Recall the Application. If the Federal Reserve was making a decision on changing interest rates
A) the Board of Governors would typically make an equally good decision as would the chairman acting on his own. B) the Board of Governors would typically make a better decision than the chairman acting on his own. C) the chairman, acting alone, would typically make a better decision than the Board of Governors. D) neither the Board of Governors nor the chairman, acting alone, would tend to make accurate predictions.
A union of all workers from a particular industry is a(n)
A) craft union. B) conglomerate union. C) industrial union. D) expansive union.
What is the difference between command-and-control policies and market-based policies toward externalities?
a. Command-and-control policies provide incentives for private decisionmakers to solve the problems on their own, whereas market-based policies regulate behavior directly. b. Command-and-control policies rely on taxes, whereas market-based policies rely on quotas. c. Command-and-control policies regulate behavior directly, whereas market-based policies provide incentives for private decisionmakers to change their behavior. d. Command-and-control policies are efficient, whereas market-based policies are inefficient.
For an economy with only two goods, skate boards can be added to bicycles to compute the GDP by
A. Dividing dollar values of output by price and adding the result. B. Dividing output by price and adding the resulting dollar values. C. Multiplying output by price and adding the resulting dollar values. D. Multiplying dollar values of output by price and adding the result.