In an 1837 Case Involving the Charles River in Massachusetts

question 147

Multiple Choice

In an 1837 case involving the Charles River in Massachusetts, Chief Justice Roger Taney

• A) declared that the community had a legitimate interest in promoting transportation and prosperity.
• B) held that adding a second bridge over the river violated the charter rights of the company that built the first bridge.
• C) granted Robert Fulton's steamboat company a monopoly in the ferry business on the river.
• D) issued an opinion in which the U.S. Supreme Court, for the first time, overturned a state law.
• E) officially declared that capitalism was the economic system of the United States.

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Definitions:

Current Asset

An asset that is expected to be converted into cash, sold, or consumed within a year or the operating cycle, whichever is longer.

Gross Margin Ratio

A fiscal gauge that assesses the amount of profit remaining from sales once the expenses for producing the goods have been subtracted.

Net Sales

Total revenue from sales minus returns, allowances for damaged or missing goods, and any discounts allowed.

Cost of Goods Sold

Direct expenditures linked to the manufacture of a company's products for sale, covering both materials and labor.