In 1906, the Hepburn Act
(a) Required the federal government to set "fair rates" for customers regardless of geographical location.
(b) Required the federal government to set rates that promised a positive rate of return to railroads.
(c) Granted the power to set maximum rates in the railroad industry to the federal government.
(d) Granted the power to set maximum rates in the railroad industry to the leading railroad tycoons.
(c)
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During the winter, theme parks in Orlando close earlier than in the summer. The reason the theme parks close early during the winter is because during that season the marginal revenue from staying open later is ________ the marginal cost
A) greater than B) less than C) equal to D) zero compared to E) not comparable to
Suppose the economy is producing at the natural rate of output. An open market purchase of bonds by the Fed will cause ________ in real GDP the the short run and ________ in inflation in the short run, everything else held constant
A) an increase; an increase B) a decrease; a decrease C) no change; an increase D) no change; a decrease