U.S. History Final Exam Review # 3!

1. U.S. History Final Exam Review # 3!

3. Question 1 - 10 • The purpose of government in a communist economy is to…

4. Answer 1 – 10 • To make major economic decisions

5. Question 1 - 20 • What is scarcity?

6. Answer 1 – 20 • The idea that human wants are unlimited but the worlds resources are limited

7. Question 1 - 30 • Which group of people ultimately determines the products that a free enterprise economy produces?

8. Answer 1 – 30 • consumers

9. Question 1 - 40 • The minimum wage is an example of a federal law that supports what?

10. Answer 1 – 40 • Economic equity

11. Question 1 - 50 • What is opportunity cost?

12. Answer 1 – 50 • The best alternative you give up when you make an economic decisions

13. Question 2 - 10 • For most products and services, increased price results in what happening to demand?

14. Answer 2 – 10 • Lower demand

15. Question 2 - 20 • Consumers' willingness to replace a costly item with a less costly item is an example of what?

16. Answer 2 – 20 • Substitutes

17. Question 2 - 30 • The FDIC was established to…

18. Answer 2 – 30 • Protect the savings of the American people

19. Question 2 - 40 • Any human-made resource that is used to create other goods or services

20. Answer 2 – 40 • capital

21. Question 2 - 50 • This certifies ownership of shares in the ownership of a corporation

22. Answer 2 – 50 • stock

23. Question 3 - 10 • The skills and knowledge gained by a worker through education and experience.

24. Answer 3 – 10 • Human capital

25. Question 3 - 20 • Buying a generic brand of aspirin instead of Tylenol is an example of

26. Answer 3 – 20 • Subsitutes

27. Question 3 - 30 • Organized market for the trading of stocks and bonds.

28. Answer 3 – 30 • Stock market

29. Question 3 - 40 • A system in which the government regulates private enterprise

30. Answer 3 – 40 • Mixed economy

31. Question 3 - 50 • This is a person’s income after taxes are taken out.

32. Answer 3 – 50 • Net income

33. Question 4 - 10 • This is the effort that people devote to a task for which they are paid.

34. Answer 4 – 10 • labor

35. Question 4 - 20 • What amendments deal with the rights of the accused?

36. Answer 4 – 20 • 4 through 8

37. Question 4 - 30 • 5 themes of geography

38. Answer 4 – 30 • Movement, region, place, location, human-environment interaction

39. Question 4 - 40 • The civil war left the south in what kind of condition?

40. Answer 4 – 40 • In ruins

41. Question 4 - 50 • What court case set a precedent for integration

42. Answer 4 – 50 • Brown v. board of education

43. Question 5 - 10 • What years were the Mexican-American war fought?

44. Answer 5 – 10 • 1846-1848

45. Question 5 - 20 • This is the amoutn of a good or service that a producer is willing to sell at any given price

46. Answer 5 – 20 • supply

47. Question 5 - 30 • This is the amount of a service that a consumer is willing to buy at any given price

48. Answer 5 – 30 • demand

49. Question 5 - 40 • Growth of industries during the gilded age is referred to as what?

50. Answer 5 – 40 • Industrialism