Ratification of the Constitution

question 14

Multiple Choice

Ratification of the Constitution

• A)needed the approval of nine states.
• B)needed the approval of a majority of the people.
• C)occurred when it was approved by the delegates to the Constitutional Convention.
• D)needed the approval of all the states.
• E)was by a two-thirds vote of the Continental Congress.

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Definitions:

Economic Profits

Profits that exceed the opportunity costs of all inputs, considering both explicit and implicit costs.

Economic Consultant

A professional who provides expert advice on economic strategies, market analysis, policy formulation, and financial planning to businesses or governments.

Short Run

An economic duration where a minimum of one factor, like the size of a facility, remains constant and unchangeable.

Profit-Maximizing Price

The price level at which a firm can generate the maximum possible profit, considering the relationship between price, demand, and cost.