The Northwest Ordinance of 1787

question 3

Multiple Choice

The Northwest Ordinance of 1787:

• A) established the policy to admit the area's population as equal members of the political system.
• B) regulated western land sales through a policy that was amicable to the Indians.
• C) abolished the Articles of Confederation and called for a second Constitutional Convention.
• D) was the first step in Alexander Hamilton's plan for economic growth.

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Definitions:

Efficient Economy

An economic system in which resources are allocated in the most productive way, maximizing the output of goods and services.

Federal Reserve Notes

The official currency issued by the Federal Reserve System in the United States, commonly known as dollars.

Fiat Money

Money not redeemable for any commodity; its status as money is conferred initially by government decree but eventually by common experience.

Fiat Money

Currency that has value and is legally recognized for transactions solely because of a government decree, without backing by a physical commodity.