Albro Martin (1971) argues that the Interstate Commerce Commission (1887–1995) was
(a) never a case of "capture."
(b) "captured" by the railroads themselves.
(c) "captured" by the customers of the railroads.
(d) too ineffective to warrant "capture" by anyone.
(c)
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To calculate GDP it is necessary to
A) add the total amounts of all the goods produced. B) use production cost to place a dollar value on all goods produced. C) average the cost of producing a good with the price of the good to place a dollar value on all goods produced. D) use the market price to place a dollar value on each good produced. E) use the average market price over the last five years to place a dollar value on all goods produced.
If the United States, at the point where it is currently producing, must give up the production of 500 bicycles (B) to produce 20 additional tractors (T) with the same resources, the opportunity cost of producing 5 tractors is _______ bicycles.
A) 5 B) 20 C) 100 D) 125