Railroads
(a) were among the last of the pre-1890 big businesses to be regulated.
(b) were only subject to regulation by governments when the federal government stepped in with
the Interstate Commerce Act of 1887.
(c) were objects of regulation more than a decade before the Interstate Commerce Commission Act.
(d) were never subject to government regulation before World War I and the "command economy."
(c)
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Perfectly competitive markets are not the best at producing the goods that are desired by consumers
a. True b. False Indicate whether the statement is true or false
In answering which of the following questions would you find it necessary to calculate a present value?
a. Should Jane put $1,000 today into a 5-year certificate of deposit that pays 4 percent annual interest? b. Should ABC Corporation buy a factory today for $2 million, knowing that the factory will yield the corporation $3 million after 5 years? c. If Jill puts $5,000 today into a bank account that pays 3 percent interest, then how much will she have in the account after 2 years? d. You would find it necessary to calculate a present value in order to answer all of these questions.
Suppose an industry receives protection from the government in the form of tariffs. A number of years later, it is observed that the quantity supplied by domestic firms had decreased and that the domestic price was substantially greater than the world
price. We could conclude that A) the tariff had been imposed to counteract dumping and had been successful. B) removal of the tariff would actually cause domestic output to increase and price to fall. C) the tariff had been imposed to protect an infant industry and that the industry still needed protection. D) removal of the tariff would cause domestic output to fall even further and the price to fall to consumers.
Altruism describes:
A. a motive for action in which a person's utility is increased when another's utility increases. B. a motive for action in which a person's utility becomes negative when another's utility increases. C. a motive for action in which a person's utility is decreased when another's utility increases. D. a motive for action in which a person's utility is unaffected when another's utility increases.