The Founding Fathers (or Founders) of the United States were
(a) pragmatic reformers, eager to assault slavery whenever political realities permitted.
(b) skittish abolitionists, cautiously promoting antislavery under particular circumstances.
(c) anti-abolitionists, permitting slaves to be freed only when they would reap a great advantage from emancipation.
(d) not concerned with slavery, because for centuries humankind failed to recognize it as a problem.
(b)
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Use the information below to explain adjustments that move the economy to a long-run equilibrium. Assume that firms and workers have adaptive expectations
The current unemployment rate = 7%. The natural rate of unemployment = 5.5%. Last year's inflation rate = 5%. This year's inflation rate = 4%.
After World War II (1941–45), the U.S. public debt
(a) remained unchanged in 1947 even though the government ran a budget surplus (government expenditures fell below revenues in 1947). (b) continued to rise even though the government ran a budget surplus at times. (c) decreased even though the government ran a budget surplus continuously. (d) remained high while the government continuously ran deficits.