Business cycles can be described best as
(a) being pervasive during the antebellum period but their effects were isolated to the private sector.
(b) being pervasive during the antebellum period but their effects were isolated to the public sector.
(c) being pervasive during the antebellum period and their effects were felt both in the private and public sectors.
(d) uncommon during the antebellum period but their effects were felt significantly when present.
Question 2
Why was the Munn v Illinois (1877) court case particularly important with regard to government regulation?
(a) It upheld the traditional right of businesses to act freely without interference by government.
(b) It established the right of government at any level to regulate any business activity if it was deemed desirable for any reason.
(c) It established the right of government to regulate any and all businesses wherever it was deemed desirable to promote competition.
(d) It established the right of government to regulate any business that had become clothed in the public interest.
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