Research in history and economic history shows that before 1880,
(a) there was some government intervention in the private sector of the American economy.
(b) there was substantial federal regulation of private business organization but little influence
in the economy otherwise.
(c) the regulation and participation that existed were usually of a background nature and were not concerned with the details of day-to-day private business.
(d) laissez faire was the rule so far as the federal government was concerned.
(a)
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The way that a society uses to allocate resources to satisfy human wants is called
A) an economic system. B) an assumption. C) realism. D) a physical science.
The total revenue test for elasticity:
A. is equally applicable to both demand and supply. B. does not apply to demand because price and quantity are inversely related. C. does not apply to supply because price and total revenue always move together. D. applies to the short-run supply curve but not to the long-run supply curve.