Some economic historians argue that the Interstate Commerce Commission (ICC) was the first case of the "capture" of a federal regulatory commission. What does this mean?
(a) The railroads used the ICC to solve the problems of cartel management.
(b) The users of the railroads—passengers and shippers—influenced the ICC to keep railroad rates high and the quality of those services high.
(c) The railroads used the Commission to keep rates high and keep potential new railroads from entering the business.
(d) Foreign investors high jacked the ICC to protect their railroad investrments.
(a)
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According to the equation of exchange, the
A) quantity of money divided by the inflation rate equals real GDP. B) quantity of money minus the velocity of circulation equals real GDP minus the price level. C) quantity of money multiplied by the velocity of circulation equals nominal GDP. D) velocity of circulation is always smaller than the inflation rate. E) quantity of money multiplied by the inflation rate equals nominal GDP.
A fully amortized loan is another name for
A) a simple loan. B) a fixed-payment loan. C) a commercial loan. D) an unsecured loan.