During the 1940s,the U

question 38

Multiple Choice

During the 1940s,the U.S.instituted a price support system for American potatoes.Congress had addressed the problems of agricultural imports in the Agricultural Act of 1948.The U.S.Secretary of State entered into an executive agreement with Canada that would permit only seed potatoes to be imported into the U.S.This agreement was not submitted to or approved by congress.A potato importer imported potatoes into the U.S.for A & P grocery stores for resale.When the court tried this case brought by the U.S.against the importer:

• A) The court found for the importer because the executive agreement was entered into without Congressional approval.
• B) The court found for the U.S. because this was an executive agreement provided for by the president.
• C) The court used the "first in time rule" and found for U.S. since Congress and the president are equal.
• D) None of the above is correct in this situation.

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Definitions:

Include

To contain, encompass, or have something as part of a whole or group.

American Call Option

A financial contract that gives the buyer the right, but not the obligation, to buy a specified quantity of an asset at a predetermined price within a specified time period until expiration.

Underlying Asset

An asset or security on which a derivative instrument, such as a futures or options contract, is based.

Value Decrease

Occurs when the value of an asset or investment declines over time due to market conditions, wear and tear, or other factors.