Why Did Virginia Oppose Having the Federal Government Assume the State's

question 29

Multiple Choice

Why did Virginia oppose having the federal government assume the state's war debt as proposed by Secretary of the Treasury Hamilton?

• A) Virginians were against close ties between state and federal governments.
• B) This plan would force the state of Virginia into bankruptcy.
• C) Virginia already paid its own debts.
• D) Virginians did not want to pay for the bad decisions of New Yorkers.

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Definitions:

Dividends

Distributions of earnings given by a company to its stockholders, typically from the profits made.

Labor Supply Curves

Graphical representation showing the relationship between different wage levels and the quantity of labor workers are willing to supply, generally sloping upwards indicating that higher wages attract more labor.

Movements of Workers

Refers to the geographical or occupational mobility of labor, which includes migration or changes in jobs within or across industries.

Increases in Productivity

An improvement in the efficiency of producing goods and services, often resulting in more output for the same amount of input.