The Economic Concept That Serves as the Basis for the Study

question 236

Multiple Choice

The economic concept that serves as the basis for the study of economics is:

• A)inflation.
• B)unemployment.
• C)money.
• D)scarcity.

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Definitions:

American System

An economic plan that played a significant role in American policy during the first half of the 19th century, advocating for a strong role for federal government in the economy, including tariff protection, national banking, and internal improvements.

Federal Government

The national government of a federated state, which holds the authority to govern at a level above individual states or provinces, typically responsible for the country's foreign policy, defense, and national laws.

Tariffs

Taxes levied on imported or exported goods, used to regulate trade and protect domestic industries.

Monroe Administration

The presidential term of James Monroe, the fifth President of the United States, from 1817 to 1825, noted for the Monroe Doctrine, pronouncing opposition to European colonialism in the Americas.