The Last Time Congress Exercised Its Constitutional Power to Declare

question 76

Multiple Choice

The last time Congress exercised its constitutional power to declare war was during ________.

• A) World War II
• B) the Korean War
• C) the Vietnam War
• D) the Afghanistan War
• E) the Iraq War

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Definitions:

Nominal Interest Rate

The interest rate before adjustments for inflation, representing the face value of borrowing costs or investment returns.

Relative Prices

The price of a good or service compared to the price of another, indicating the trade-off between choosing one over the other.

Demand for Loanable Funds

The desire for borrowing money that exists among individuals, businesses, and governments in an economy, usually influenced by interest rates.

Interest Rate

The cost, in terms of a percentage of the principal, levied by a lender on a borrower for asset usage.