Munn v Illinois (1877) was particularly important with regard to government regulation because it
(a) upheld the traditional right of businesses to act freely without interference by government.
(b) established the right of government to regulate any business that was deemed "clothed" in
the public interest.
(c) established the right of government to regulate any and all businesses wherever such regulation was deemed desirable to promote competition.
(d) established the right of government at any level to regulate any business activity if such regulation was deemed desirable for any reason.
(b)
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Which is the most likely effect upon the market for cotton of a significant improvement in the quality of synthetic textiles?
A) A decrease in demand and hence a decrease in both the price of cotton and the quantity exchanged. B) A decrease in demand and hence a decrease in the price of cotton and an increase in the quantity exchanged. C) A decrease in demand and hence an increase in the price of cotton and a decrease in the quantity exchanged. D) A decrease in both demand and supply and hence a decline in the quantity exchanged but no predictable change in the price of cotton.
In the IS-LM model, the two variables that are affected by the interest rate are
a. money supply and money demand. b. money supply and investment spending. c. money demand and consumption. d. money demand and investment spending. e. none of the above.