The "police power" of government to control business
(a) was exercised during the colonial period but lapsed when the Constitution was written.
(b) was exercised during the colonial period and carried over to the new nation; it still exists today.
(c) was not widely exercised during the colonial period but assumed greater importance in the new nation.
(d) was important in England but was never important in the Americas, either before or after the Revolution.
(b)
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for potatoes and that steak and potatoes are complements. What panel describes what happens in this market when the price of steak rises?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
As credit card usage expands in usage, the likely effect will be to
A) increase the velocity of M1. B) reduce the velocity of M1. C) increase money demand. D) increase the money supply.