Why Was the Decision to Assign Jurisdiction Over Controversies Between

question 41

Multiple Choice

Why was the decision to assign jurisdiction over controversies between citizens of different states to the Supreme Court significant?

• A)It meant that the federal judiciary,rather than the state courts,would ultimately become the primary venue for resolving disputes.
• B)It meant that the state courts,rather than the federal judiciary,would ultimately become the primary venue for resolving disputes.
• C)It meant that courts at both the state and federal levels would become irrelevant to the operating of the American political system.
• D)It meant that the state courts would be allowed to use the power of judicial review on cases involving economic disputes.

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Definitions:

Loss On Redemption

The financial loss incurred when a debt instrument, such as a bond, is repaid before its maturity date.

Effective-Interest Method

A method of calculating the amortized cost of a bond and the amount of interest expense over its relevant period.

Amortization

The process of spreading out the cost of an intangible asset over its useful life or the repayment of loan principal over time.

Interest Expense

The cost incurred by an entity for borrowed funds over a period, reflected in its income statement.