U.S. History: Washington and Economics Quiz
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Questions and Answers

What concern does George Washington express in his Farewell Address?

  • Formation of political alliances
  • Creation of political parties (correct)
  • Implementation of income tax
  • Establishment of a national bank

Which right is NOT explicitly listed as one of the amendments mentioned?

  • Right to education (correct)
  • Freedom of speech
  • Protection against unreasonable searches and seizures
  • Right to bear arms

What did the additional points in the document signify about major societal issues?

  • They encompass various social justice issues. (correct)
  • They are limited to voting rights only.
  • They only cover economic topics.
  • They strictly relate to taxation.

What important future change related to slavery is noted in the document?

<p>No slavery after 2008 (A)</p> Signup and view all the answers

Which statement best captures the overarching theme of Washington's farewell sentiment?

<p>Fear is a hindrance to progress. (B)</p> Signup and view all the answers

What does secession refer to in a political context?

<p>A state or region leaving a nation (D)</p> Signup and view all the answers

Which statement accurately describes the concept of sovereignty?

<p>Supreme power or authority (D)</p> Signup and view all the answers

What principle does the law of supply illustrate?

<p>Higher prices generally result in increased supply (C)</p> Signup and view all the answers

Which economic approach advocates for government intervention in the economy?

<p>Keynesianism (A)</p> Signup and view all the answers

What is the primary focus of populism in governance?

<p>Advocating for government of the people (A)</p> Signup and view all the answers

Which of the following best describes a cartel?

<p>A collaboration of businesses to control prices (D)</p> Signup and view all the answers

What does the concept of opportunity cost represent?

<p>The loss incurred from not choosing an alternative (C)</p> Signup and view all the answers

What did FDR's 4 Freedoms Speech emphasize as essential rights?

<p>Freedom from want, worship, and expression (B)</p> Signup and view all the answers

Flashcards

Rule of Law

The principle that everyone is subject to and accountable under the law.

Comparative Advantage

The ability of an individual or group to produce a good or service at a lower opportunity cost than others.

Opportunity Cost

The value of the next best alternative forgone when making a decision.

Public Goods

Goods available to all members of a society.

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Monopoly

Complete control of the supply of a product or service by one person or firm.

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Due Process

Fair treatment through the normal judicial system, especially as a citizen's entitlement.

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Adam Smith

Scottish economist known for The Wealth of Nations, promoting free markets.

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Manifest Destiny

Belief in the US's right to expand across the continent.

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Washington's Farewell Address

A speech by George Washington warning against the formation of political parties.

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Political Parties

Organized groups with similar political beliefs.

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Amendments

Changes to the Constitution of the US.

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Constitutional Rights (example)

Fundamental rights guaranteed by the US Constitution, such as freedom of speech and religion.

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Separation of Powers

The principle of dividing governmental powers among distinct branches – legislative, executive, and judicial.

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