Late in the Nineteenth Century, When the National Government Sought

question 64

Multiple Choice

Late in the nineteenth century, when the national government sought to use its power to regulate the economy rather than merely promote economic development, the Supreme Court's interpretation of the concept of interstate commerce began to operate more as a

• A)catalyst for change.
• B)restraint on state and federal regulation.
• C)stimulus for economic demand.
• D)point of leverage.
• E)source of national power.

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Definitions:

Marginal Social Benefit

The additional benefit to society as a whole from producing one more unit of a good or service.

Individual Marginal Benefits

The additional satisfaction or utility that an individual gains from consuming one more unit of a good or service.

Consumer

An individual or group that purchases goods or services for personal use.

Marginal Cost

The cost of producing one additional unit of a good or service, which is used in determining the optimal production level.