Final answer:
The term 'individualism' was coined around 1827, not 1850, so the correct answer is false. The colonizationist scheme was not favored by black abolitionists, and the market revolution had a profound impact on U.S. society and economy.
Step-by-step explanation:
The term individualism was actually coined earlier than 1850; it came into use around 1827, so it is false to say that the term was used for the first time around 1850.
It originated from French culture and had strong ties to liberal thought, which was in contrast to early socialist ideals that emerged during the same era.
Socialism, as it developed, was seen as a counter to individualism and was based on ethical and moral arguments about societal care and cooperation.
The colonizationist scheme of the early 1800s was not popular among black abolitionists, as many saw it as an attempt to remove freed black people from America instead of integrating them into society; hence, the correct answer here is false.
Furthermore, the market revolution did indeed bring about significant social and economic changes to the United States, making the statement true.
Also, the rationale for the Declaration of Independence was heavily influenced by the theories of John Locke, thereby validating the statement as true.