Regarding the issue of slavery, the Constitution
(a) denounced it as being inconsistent with the rights of man and called for its eventual elimination, though it did not specify clearly how or when this was to be done.
(b) gave slavery legitimacy and support.
(c) made no mention of slavery, with the hope, apparently, that the individual states would deal with it if they saw it as a problem.
(d) required that the slave trade be immediately banned with all slavery to be abandoned in twenty years.
(b)
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The time cost incurred by consumers who must find substitute products after a ban is placed on some good or service is an example of a(n)
a. capital cost d. operating expense b. fixed cost e. implicit cost c. explicit cost
The external benefit of a good
A) equals its consumer surplus. B) equals its producer surplus. C) equals its total surplus. D) is a benefit from the good falling on people who are not the consumers of the good.
Which of the following did not contribute to the failing of Freddie Mac and Freddie Mae?
A) Problems with adverse selection. B) Problems with moral hazard. C) Weak regulatory oversight. D) Unethical accounting practices.
Hector's wealth is zero, he expects to work for another 45 years at a constant salary of $80,000 and live for another 60 years
Assuming taxes are zero, if Hector receives an unexpected $20,000 increase in salary his first year of work and he completely smooths consumption over his lifetime, his annual consumption is A) $67,500 B) $75,000. C) $80,000. D) $111,111.