Final answer:
The statement that the U.S national economy favors public over private ownership is False. The United States has a mixed economy that incorporates aspects of both capitalism and socialism. The market revolution brought significant economic and social changes to the country, which is true.
Step-by-step explanation:
The statement that the U.S national economy favors public over private ownership is False. The United States operates under a mixed economy, where key industries might be nationalized, but the majority of businesses are privately owned and regulated by the government. This mixed economic system incorporates elements of both capitalism and socialism to balance the benefits of private enterprise with the goals of public policy.
It's important to note that while the U.S government has a say in economic activities, such as providing subsidies and bailouts, or regulating industries to promote competition, these actions do not amount to the government favoring public ownership over private ownership. Rather, these are mechanisms used within a capitalist economy to ensure stability, efficiency, and fair competition. Furthermore, instances like federal spending growing, the U.S. being the largest employer, and government involvement in various sectors underline the complexity of defining economies solely by public or private ownership paradigms.