Wickard V Filburn Concerned the Ability of Congress to Impose Controls

question 300

Multiple Choice

Wickard v. Filburn concerned the ability of Congress to impose controls on wheat growing, including a small farm that produced a small amount of wheat for use on the farm. The Supreme Court held that the controls were:

• A) constitutional; while one farmer made no difference, all small farmers together could impact the wheat market
• B) unconstitutional since such a small amount was "insufficient commerce," but the regulations could be written to apply to all active sellers in the wheat market
• C) unconstitutional since all of the wheat was sold or used within the state
• D) unconstitutional since none of the wheat was sold; all wheat was used on the farm
• E) constitutional only to wheat actually sold in interstate commerce

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Definitions:

Economic Profits

The surplus remaining after deducting both explicit and implicit costs from total revenues, often indicating the profitability beyond normal returns.

Competitive Market

A market structure characterized by numerous buyers and sellers, such that no single market participant has the power to significantly influence prices.

Market Price

The current price at which a good or service can be bought or sold.

Total Revenue

The total income generated by the sale of goods or services by a company.