In 1906, the Hepburn Act
(a) Required the federal government to set "fair rates" for customers regardless of geographical location.
(b) Required the federal government to set rates that promised a positive rate of return to railroads.
(c) Granted the power to set maximum rates in the railroad industry to the federal government.
(d) Granted the power to set maximum rates in the railroad industry to the leading railroad tycoons.
(c)
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What is the difference between "straight-time pay," "commission pay," and "piece-rate pay"?
What will be an ideal response?
If the government wanted to efficiently limit the emission of carbon monoxide by all firms to exactly 4 million tons it could
A) issue rights to pollute worth 4 million tons and let the firms trade those rights in a market. B) appeal to firms' environmental conscience to pollute less. C) subsidize production. D) rely on the Coase Theorem.
The "Four Tigers" of East Asia are the newly industrialized countries of Taiwan, South Korea, Hong Kong, and:
a. Japan. b. Singapore. c. the Philippines. d. Vietnam.
Which furniture production process would have the highest production function?
a. furniture made by handsaw and hammer b. furniture made with power equipment c. furniture made by grade school-educated workers d. furniture made in an automated furniture factory