During the colonial period, regulation of business activities was the right of government and its duty—extensive regulation was done, such as licensing, inspection, price fixing, etc
Which statement best describes regulation in the decades after 1789? (a) Regulation continued at about the same level as during the colonial period.
(b) As commerce and manufacturing became more complex, the old police-power controls by detailed inspection became increasingly difficult to maintain and many controls were abolished by the states.
(c) Because the economy was becoming more complicated, the task of regulation shifted to the federal government.
(d) Regulation was abandoned because it was inconsistent with property rights guaranteed by the Constitution.
(b)
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If the government takes over the distribution of some scarce good in a time of a natural disaster and provides the good at no charge to users, what must also be done?
A) The government must produce the good itself. B) Some rationing mechanism must be set up to determine who gets the good. C) Everyone hurt in the natural disaster must get one of the goods. D) nothing E) Because we live in a democracy, the government must use majority rule as the rationing mechanism.
Which of the following statements is CORRECT?
A) The United States produces more goods than services. B) The United States produces more services than goods. C) The United States produces more agricultural goods than manufactured goods. D) The United States produces an equal amount of goods and services.