Which event in business regulatory history permitted government intervention in industry affairs?
(a) The case of Munn v Illinois (1877)
(b) The Sherman Act of 1890
(c) The case of Nebbia v New York (1934)
(d) The creation of the Interstate Commerce Commission via the
Interstate Commerce Act of 1887
(a)
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Taxes levied on imports are called ________
A) embargo B) seigniorage C) quotas D) tariffs
If the United States were to adopt a policy of free trade with European countries and Japan, this policy would:
a. help the United States and hurt the other countries because the United States has a larger population. b. help all of the countries involved because every country would have a comparative advantage in the production of some goods. c. hurt all of the countries involved because all the countries are capable of producing anything that could be produced in one of the other countries. d. help the United States and hurt the other countries because the United States has more natural resources than the other countries.
Game theory is not useful for analyzing perfectly competitive markets.
Answer the following statement true (T) or false (F)
Economists generally support
a. trade restrictions. b. government management of trade. c. export subsidies. d. free international trade.