The Decision to Give the National Government Control Over Commerce

question 15

Multiple Choice

The decision to give the national government control over commerce and finance was motivated primarily by the framers' desire to

• A) end slavery in the United States.
• B) eliminate state and local governments.
• C) promote economic development and protect property from radical state legislatures.
• D) build international alliances.
• E) guarantee economic equality for all citizens.

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Definitions:

Free Entry

Free entry is a market condition where businesses can enter and exit the market without facing significant barriers or costs.

Competitive Price-Taker

A firm or individual in a market structure that has no control over the market price and must accept the prevailing market price for its product or service.

Output

The total amount of goods or services produced by a person, machine, company, or economy.

Price

The sum of money needed to buy a product or service.