The Term of Office for a U

question 3

Multiple Choice

The term of office for a U.S.senator is ________ years,while that of a member of the U.S.House is ________ years.

• A)six; two
• B)four; two
• C)six; four
• D)four; four
• E)eight; four

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Definitions:

Circular Flow Model

An economic model illustrating the continuous movement of goods, services, and money among households and businesses in an economy.

Market System

An economic system in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in free markets.

Inefficiency

A condition where resources are not used in the most economically beneficial way, leading to wasted resources or less-than-optimal outcomes.

Communist Central Planning

An economic system where all major production decisions are made by the government, with an aim of allocating resources according to a comprehensive plan.