Mr. Allen's Mid-Term U.S. History

The economic system in which people are free to control and own the means of production is called:

• Market economy

• Traditional economy

• Free enterprise system

• Command Economy

A person who starts and runs a business is known as:

• Manager

• Entrepreneur

• Inventor

• Tycoon

Economic system in which the buyers and sellers choose to do business with those who satisfy their needs and wants best.

• Market

• Traditional

• Command

• Both Traditional and Command

What is the legal process of becoming a citizen called?

• Due Process

• Naturalization

• Basic Freedom

• 3rd Amendment Right

Taxes on imports are known as:

• Nonimportation agreement

• International Taxation

• Tariff

• International import cost

In this economic system children usually have the same jobs as their parents.

• Traditional

• Command

• Market

• Free Market

The chance you pass up when you a make a choice is known as:

• Risk

• Chance

• Luck

• Opportunity Cost

Trade is critical to America’s prosperity because:

• Other countries have better goods

• It fuels economic growth and keep a competitive global economy

• Because is satisfies the demand of the people

• We have to trade to maintain good relationships with other countries.

Scarcity is when:

• The goods are only able to reach a limited amount of people in a certain area

• The supplier is afraid to sell to a certain area, country, or people.

• Ensuring that goods and services are spread out amongst all of those that are in need of it.

• There are not enough resources to create everything that people want and need.

Obey the law, pay taxes, serve on juries, and defend the nation are the responsibly of:

• Congress

• American Citizen

• The President

• Illegal Aliens