The Main Issue in the 1824 Case Gibbons V

question 108

Multiple Choice

The main issue in the 1824 case Gibbons v.Ogden was the question of the state of New York's power to grant a monopoly to

• A)Joseph Pulitzer to publish a daily newspaper.
• B)Thomas Edison's new electrical utility to run lines through New York City.
• C)William Henry Vanderbilt to lay railroad tracks to the Hudson Bay ports.
• D)Robert Fulton's steamboat company to operate between New York and New Jersey.
• E)Eli Whitney to produce cotton gins.

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Definitions:

Efficiency

A measure of how well resources are used to achieve a goal, minimizing waste.

Incentives

Financial or non-financial rewards offered to encourage specific behaviors or actions among individuals or organizations.

Trade

The exchange of goods or services between parties in return for other goods, services, or money.

Gains From Trade

The benefits that entities receive from the voluntary exchange of goods or services, typically leading to an improvement in overall welfare.