The Granger Cases of the 1870s
(a) sealed the fate of the U.S. railroad system, even though the cases were covered under a case involving a grain elevator.
(b) came before the U.S. Supreme Court because state legislatures had passed laws in the 1870s to allow state agencies to control various aspects of railroad operation, including rate setting; these laws were then challenged by railroad companies.
(c) established the principle that railroads were unquestionably subject to permanent regulation.
(d) are true for all of the above.
(d)
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An optimal corrective tax _____
a. falls as quantity produced increases b. is above the marginal external product c. is a lump sum tax d. helps to increase demand for the taxed product
Inoculations of children against infectious diseases are
A) an example of an external benefit. B) an example of an external cost. C) dangerous for society. D) an example of a public good.
If your real disposable income goes up by $1,000 per week, and your real consumption spending goes up by $800 per week, you have a marginal propensity to consume of
A) 0.2. B) 0.8. C) 1.2. D) 1.0.
Money is essentially defined by
A) the intrinsic value of what is being used as money. B) the judicial branch. C) the government. D) social usage.