In a Market Economy, the Decision Regarding Allocation of Resources

question 34

Multiple Choice

In a market economy, the decision regarding allocation of resources is made by

• A)automatic forces of supply and demand.
• B)authorities in Washington, D.C.
• C)planners in state capitals.
• D)committees from a variety of economic interest groups.
• E)All of the above are correct.

Understand federalism and the division of powers between federal and state governments.

Recognize the constitutional limitations on both state and federal powers.

Identify the roles and powers of the branches of government in the American system.

Understand the importance and application of the Necessary and Proper clause and the Spending power.

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Definitions:

Assimilation

The process by which individuals or groups of differing ethnic heritage are absorbed into the dominant culture of a society.

IQ

A measure of a person's reasoning and problem-solving abilities, often represented as a score derived from standardized tests.

Achievement Test Scores

Quantitative measures assessing how well an individual has mastered a specific skill set or area of knowledge.

Social Circumstances

The environmental, cultural, and economic factors that influence individuals' lives and societal positions.