The Supreme Court Justices' Endorsement of Laissez-Faire Capitalism in the Late

question 92

Multiple Choice

The Supreme Court justices' endorsement of laissez-faire capitalism in the late nineteenth and early twentieth centuries was significant because

• A) it gave Congress added powers to regulate private affairs.
• B) it prevented Congress from regulating any economic activity that occurred within a state.
• C) it gave additional freedom to Congress to act under the commerce clause.
• D) it strengthened the full faith and credit clause of the Constitution.

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Definitions:

Cost of Goods Sold

The expenses directly related to the manufacturing of products a company sells, such as raw materials and workforce costs.

Selling and Administrative Expenses

Operating expenses not directly tied to the production of goods, including costs related to sales, marketing, and general administration.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including materials, labor, and overhead.

Standard Cost Variances

Refers to the differences between the standard costs planned for goods or services and the actual costs incurred.