Introductory Info
What is the study of individual choices utilizing a scarcity of resources?
Microeconomics
Can the Constitution be changed?
Yes- (that is what the amendments are)
What is the study of a society as a whole and their choices related to a scarcity of resources?
Macroeconomics
Does the constitution help define how our government works in economics terms?
Yes
List at least one of the "resources" term dealing with economics?
Land, Labor, Natural Resources, Capital Goods, Technology, Intellectual
"All bills that raise money, must originate in the Senate."
No-Section 7, Clause 1 states they must originate in the House.
What does "supply" and "demand" mean?
the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.
Who has the power to tax imports? (The President, Congress, or the States)
Congress-Section 10, Clause 2 of the Constitution gives the power to Congress.
What does "purchasing power" mean?
"The value of a sum of money."
Which part of the Constitution relates to imposing taxes?
The 16th amendment gives Congress "to lay and collect taxes".