U S History Final Exam Review 3

U. S. History Final Exam Review # 3!

Topic 1 Topic 2 Topic 3 Topic 4 Topic 5 10 10 10 20 20 20 30 30 30 40 40 40 50 50 50

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

Answer 1 – 10 • To make major economic decisions

Question 1 - 20 • What is scarcity?

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

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

Answer 1 – 30 • consumers

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

Answer 1 – 40 • Economic equity

Question 1 - 50 • What is opportunity cost?

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

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

Answer 2 – 10 • Lower demand

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

Answer 2 – 20 • Substitutes

Question 2 - 30 • The FDIC was established to…

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

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

Answer 2 – 40 • capital

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

Answer 2 – 50 • stock

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

Answer 3 – 10 • Human capital

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

Answer 3 – 20 • Subsitutes

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

Answer 3 – 30 • Stock market

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

Answer 3 – 40 • Mixed economy

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

Answer 3 – 50 • Net income

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

Answer 4 – 10 • labor

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

Answer 4 – 20 • 4 through 8

Question 4 - 30 • 5 themes of geography

Answer 4 – 30 • Movement, region, place, location, humanenvironment interaction

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

Answer 4 – 40 • In ruins

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

Answer 4 – 50 • Brown v. board of education

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

Answer 5 – 10 • 1846 -1848

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

Answer 5 – 20 • supply

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

Answer 5 – 30 • demand

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

Answer 5 – 40 • Industrialism

Question 5 - 50 • What is globalization?

Answer 5 – 50 • The process of the world becoming more connected and interdependent