____ Believed That the Southern States Had Completely Left the Union

question 80

Multiple Choice

____ believed that the Southern states had completely left the Union and were therefore, "conquered provinces" that had to seek readmission on whatever economic and political terms Congress demanded.

• A) War Democrats
• B) The Supreme Court
• C) President Lincoln
• D) President Johnson
• E) Congressional radical Republicans

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Definitions:

Pure Exchange Economy

An economic model where no production occurs and individuals or entities trade pre-existing goods and services among each other.

Walras's Law

A principle in general equilibrium theory stating that if all markets but one are in equilibrium, then the remaining market must also be in equilibrium.

Cobb-Douglas Utility Functions

A particular form of utility function used in economics that represents preferences over two goods, characterized by their constant elasticity of substitution.

Pareto Optimal

A distribution state of resources where no adjustment can be made to better the position of any individual or evaluation criterion without negatively affecting another.