Under the Articles of Confederation, the

question 78

Multiple Choice

Under the Articles of Confederation, the

• A)armed forces of the United States consisted of state militias.
• B)Continental Congress had the power to lay taxes on citizens.
• C)president was elected to four-year terms.
• D)states were prevented from discriminating against each other in the competition for foreign commerce.

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Definitions:

Investment Tax Credits

Tax credits available to individuals and companies that reduce their tax bill as a direct incentive for investing in certain assets or for specific types of investments.

Recession

A period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in successive quarters.

Investment Goods

Products purchased for future production or used to produce other goods, rather than being consumed by the buyer.

Time Inconsistency

The tendency for preferences or decisions to change over time in a way that a person's earlier preferences or decisions become inconsistent with their later ones.