As the Election of 1860 Approached, the Democratic Party

question 59

Multiple Choice

As the election of 1860 approached, the Democratic party:

• A) renominated Buchanan
• B) was silent on the issue of slavery
• C) condemned the Kansas-Nebraska Act
• D) was dominated by southern extremists
• E) broke up into northern and southern wings

---

Definitions:

Goods Y

A reference to a particular class or type of goods, often used in economic models.

Diminishing Marginal Rate

The Decline in the additional output produced when a new unit of input is added, with all other inputs held constant.

Substitution

The economic concept where consumers replace more expensive items with less costly alternatives, or firms replace inputs with more economical options.

Convex Preferences

An economic assumption that consumers prefer combinations or mixes of goods over singular extremes, depicting their choices lead to higher satisfaction.