Economic & Constitutional Principles

power is divided between the national and state governments

• limited government

• federalism

• separation of powers

• checks and balances

• judicial review

Each of the three branches of government has its own responsibilities

• popular sovereignty

• federalism

• separation of powers

• checks and balances

• judicial review

each branch of government holds some control over the other two branches

• popular sovereignty

• federalism

• separation of powers

• checks and balances

• judicial review

Constitution limits the actions of the government by specifically listing powers it does and does not have

• popular sovereignty

• federalism

• separation of powers

• checks and balances

• limited government

A two-thirds vote in each House of Congress is needed to override a president's veto.

• popular sovereignty

• federalism

• separation of powers

• checks and balances

• limited government

speed limits differ from state to state

• popular sovereignty

• separation of powers

• federalism

• checks and balances

• judicial review

The President can make treaties, but they must be ratified (approved) by the Senate.

• popular sovereignty

• federalism

• separation of powers

• checks and balances

• judicial review

Which of these terms is most closely related to tradeoffs?

• • A. incentives

• • B. margin

• • C. markets

• • D. scarcity

Economists assume people choose something when its expected costs are less than its

• • A. working life.

  
  

• • B. chief competitors.

• • C. anticipated benefits.

• • D. required maintenance.

Which statement is the best example of thinking at the margin?

• • A. John has six shirts and is trying to decide whether to buy a seventh.

• • B. Mary observes that the average cost of shoes is higher than last year.

• • C. David decides to volunteer this summer instead of working for pay.

• • D. Jane wants to buy a car but decides she cannot afford the insurance.