The Wilmot Proviso,passed by the House but Rejected by the Senate,would

question 5

Multiple Choice

The Wilmot Proviso,passed by the House but rejected by the Senate,would have

• A) banned slavery in any place where it did not at that time exist.
• B) prohibited slavery in all of the territories that the United States had won from Mexico.
• C) prohibited slavery in any territory that the United States might win from Mexico.
• D) forced the president to declare that his real reason for desiring a war with Mexico was to gain territory.
• E) prohibited anyone from owning over 1,000 acres in any new territories.

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Definitions:

Monopolistically Competitive

A business configuration in which various enterprises provide goods that are comparable, though not identical, affording them a measure of market dominance and the capacity to differentiate their products.

Economic Profit

The profit a company makes after deducting both its explicit (direct) and implicit (opportunity) costs; it's a more comprehensive measure than accounting profit.

Allocative Efficiency

The optimal distribution of resources in a market where goods and services are dispensed according to consumer preferences.