In South-Central Timber Development V

question 92

Multiple Choice

In South-Central Timber Development v. Wunnicke, concerning federal and state regulation of Alaska timber processing, the Supreme Court held:

• A) Congress may limit interstate commerce however it wishes
• B) Congress may limit interstate commerce only with approval of the affected states
• C) Congress may not regulate intrastate commerce, if the effect is "inherently uncompetitive"
• D) States may place substantial burdens on interstate commerce
• E) none of the other choices

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Definitions:

Ratio of Prices

The comparative value of two or more goods or services, expressed as a quotient showing the cost relationship.

Fixed Income

A type of investment in which real return rates or periodic income is received at regular intervals and at reasonably predictable levels.

Slope of Budget Line

The rate at which one good can be exchanged for another without changing the overall spending, reflecting trade-offs in consumer choice.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, with higher elasticity indicating a stronger response.