The Interstate Commerce Commission (ICC) was established in 1887 to regulate:
A. banking.
B. railroads and all surface transportation.
C. nationwide advertising.
D. interstate sales of food and drugs.
Answer: B
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Which of the following statements best describes the U.S. labor force since World War II?
a. Total employment grew, but the labor force participation rate fell. b. Total employment grew, and so did the labor force participation rate. c. Total employment grew, but the labor force participation rate remained unchanged. d. Total employment remained constant, but the labor force participation rate fell. e. Total employment remained constant, but the labor force participation rate rose.
An example of a non-pecuniary job characteristic is
a. an end-of-the-year bonus. b. salary. c. a comfortable work environment. d. over-time pay.
Which of the following is not an assumption of the Cournot model presented in the text?
A. Both firms maximize profits. B. If the first firm cuts price, the second firm will follow and if the first raises price, the second will not follow. C. There are two firms in an industry. D. Each firm takes the output of the other firm as given.
Potential GDP is the output that would be produced if the economy was experiencing:
A. No unemployment B. Free markets and international trade C. No inflation D. Full employment