question

John Locke's vision of the role of the government

answer

Whose ideas most influenced Thomas Jefferson in writing the Declaration of Independence?

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The Trial of John Peter Zenger

answer

What was the means through which the issue of the Freedom of Press was first brought to the attention of American revolutionaries?

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A. The obligation to defend the nation B. The obligation to report illegal activities to the government correct -;C. The obligation to vote D. The obligation to run for a public office

answer

Which of the following is the obligation of the citizens based on the reciprocal nature of citizenship laws?

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Montesquieu's the Spirit of the Laws

answer

What was the intellectual basis of the establishment of the three branches of the government?

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8. Which one is an example of the application of the principle of Checks and Balances? A. The power of the president to grant pardons B. The power of the Supreme Court to overrule legal decisions correct ->C. The power of the Congress to impeach the president D. The role of the vice-president as the Chair of the Senate

answer

Which one is an example of the application of the principle of Checks and Balances?

question

To organize political ideas and influence the government's function

answer

What is the functional basis for the existence of political parties in the United States?

question

An Electoral College chosen based on different criteria in each state

answer

The United States president is elected by

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The laws of the state take precedence over federal laws, except the Constitution

answer

Based on the Constitution, which one of the following is true regarding the relationship between states and the federal government?

question

By independent election of the chief executive

answer

How does the republican system avoid the need for formation of coalitions for guaranteeing an effective government?

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In the parliamentary system, the executive is selected by the legislative branch

answer

What is the major difference between the parliamentary and republican systems of representative government?

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The change in the cost of producing more units of a product

answer

What is Marginal Cost?

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That the labor force does not conform to the "man as machine" stereotype

answer

What is the basic assumption in using non-monetary incentives in increasing productivity?

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It encourages the improvement of marginal resources

answer

How does the notion of Private Property help economic productivity?

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It allows producers to take risks

answer

How does a Free Market provide for individual liberty?

question

To set and control prices of goods

answer

What is the basic role of the market?

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To create and regulate a monetary system

answer

What is the major function of the government in a Free Market economy?

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By controlling the flow of cash in the economy

answer

How does the government control the interest rate?

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Setting up a minimum wage

answer

What has been the most important achievement of labor unions?

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It shifts the flow of capital away from domestic income

answer

How does off-shoring production affect domestic economy?

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By lowering the cost of production

answer

How does the theory of Comparative Advantage benefit the domestic economy?

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It takes the regulations out of the hands of the government

answer

In what ways does the globalization of the US economy hurt the domestic economy?

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Imposing high tariffs on foreign goods

answer

What was the major form of imposing trade restrictions during the Great Depression?

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High volume of imports makes a currency weak

answer

What is the effect of international trade on the strength of a national currency?

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By determining the value of one currency against that of another one

answer

How is currency exchange rate established?

question

It was sparsely populated and had very few agriculturally viable areas due to low rainfall

answer

What was the environmental situation and settlement pattern of California prior to the arrival of the Europeans?

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It financed the completion of the transcontinental railroad

answer

How did the California Gold Rush affect the larger US economy?

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its carrying capacity

answer

The maximum, sustained level of use of an environment that is possible without incurring significant environmental deterioration is called

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A. Northern Africa B. The Caribbean C. Eastern Europe correctD. North America

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Which of the following would not be considered a distinct region within one of the world's continents? A. Northern Africa B. The Caribbean C. Eastern D. North America

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Agricultural/settled and nomadic

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What are considered the two basic cultural types that have developed throughout history in relation to the physical environment?

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It provided a strong central government and federal taxation.

answer

The US Constitution differed from the Articles of Confederation in which of the following ways?

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More experienced military leadership

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Which of the following was an advantage the South had over the North during the Civil War?

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The Magna Carta

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Which of the following is generally considered most important in limiting the power of kings and influencing the development of democracy?

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21

answer

What was the voting age according to the original U.S. Constitution?

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A. Gold B. Shells C. Cigarettes correctD. A U.S. 50-cent piece

answer

Which of the following would not be considered an example of commodity money?

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Direct assistance

answer

Social Security is an example of what type of government economic activity?

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They wanted to access the Asian commercial market

answer

Why were Europeans interested in finding a passage to India?

question

Immigration of indentured workers

answer

The early growth in the population of the Virginia colony was due to which of the following?

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It allowed religious plurality and diversity

answer

The Great Awakening was among the intellectual trends behind the American Revolution because:

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Southern tobacco farmers

answer

In 1796, the Democratic-Republicans represented which segment of the colonial population?

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Jeffersonian expansionism

answer

Which of the following was the primary motivation for the Western expansion of the U.S.?

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The cost of shipping agricultural goods was lowered

answer

In what way did the railroad most help the American economy in the 19th century?

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A. The imposition of federal tariffs correct ->B. The right of the federal government to interfere with state laws C. The abolition of slavery in the Northern states D. The right of the southern states to continue owning slaves

answer

What was the legal debate that prompted the secession of the states from the Union prior to the Civil War?

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The independence of Cuba

answer

The Spanish-American war occurred over what issue?

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16. What conflict prompted the US entry into the theatre of the First World War? A. German attack on France correct ->B. Germany's unrestricted submarine warfare C. German-Mexican alliance D. German alliance with Spain

answer

What conflict prompted the US entry into the theatre of the First World War?

question

Industries serving the urban household started to rise

answer

How were urbanization and industrialization developed in the post WWI American economy?

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Lack of government regulations for banks and bank failures

answer

Other than the crash of the Market, which one of the following best describes the elements which contributed to the deepening of the Great Depression?

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It created the Federal Deposit Insurance Corporation

answer

What was the achievement of the Glass-Steagall Banking Reform Act?

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The Armed Forces were desegregated

answer

How were African-Americans affected by policies under President Truman?

question

Belief in the Domino Theory

answer

What triggered U.S. intervention in Vietnam?

question

Latin Americans

answer

Which demographic was most impacted by the changes in the Immigration Act of 1965?

question

It integrated each of its satraps into the imperial bureaucracy in order to ensure long term production ; payment of tribute

answer

Why was the Persian Empire the first "world empire"?

question

Control of the trade and commerce in the Mediterranean

answer

What was the outcome of the Punic Wars for Rome?

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A. Invasions by various barbarian peoples B. Lack of tax revenue led to weakened military ; deterioration of transportation ; trade routes C. Power struggles over succession correctD. All of the above

answer

What were the causes of the fall of the Roman Empire?

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By the election of his friend Abu Bakr as the Caliph

answer

How was the political crisis following the death of the Prophet Muhammad resolved?

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To free the Holy Land from Muslim rule ; unite Christian countries under the influence of the Pope

answer

What was the motivation for the Crusades?

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In Japan, there was only one ruler to whom all lords swore fealty; while in Europe, there were many kings/great lords

answer

In which way is Japanese Feudalism different from European Feudalism?

question

The claim of the king of England over the French crown

answer

What was the major cause of the Hundred Years War?

question

They used superior military strategy ; psychological warfare

answer

How did the Mongols conquer the greatest land empire in history?

question

The dome of Hagia Sophia in Constantinople (Istanbul)

answer

The dome of the St. Peter's cathedral in Rome was inspired by:

question

It caused numerous wars, including the 30 Years War, & diminished the power of the Catholic Church

answer

How did the Protestant Reformation affect European politics?

question

Gaining direct access to Asian & Indian Ocean trade

answer

What was the motivation for the voyages of exploration in the 1500s?

question

It provided them with resources to compete against Asian economies

answer

How did colonialism affect the European economies?

question

The Declaration of the Rights of Man and of the Citizen

answer

What was the major declaration of the French Revolution called?

question

A. The threat against the Germans by the Russians and the French B. Prussian expansionism C. Rise of German nationalism correct-> D. The rising trend of centralization and consolidation in industrial nations

answer

What was the major motivation for the German Reunification in the 19th Century?

question

Expensive human capital and their relative disadvantage in global commerce

answer

What were the major catalysts for European industrialization?

question

The rise of European colonialism and the development of the theory of Social Darwinism

answer

Which of the following best describes the reasons for the rise of racism in 19th century Europe?

question

A. The competition between Germany and France B. The assassination of Archduke Franz Ferdinand in Serbia correct ->C. The colonial competition between the European powers D. The German-Austrian treaty against France and Britain

answer

What was the underlying reason for the start of World War One?

question

The war crippled the industrial economy and, combined with losses at the front, inspired a revolution from the working class

answer

How did WWI accelerate the fall of the Russian Empire?

question

The D-Day invasion by the Allies

answer

Which of the following events best marks the turning point in World War II?

question

Post-Colonialism

answer

What is the term used to denote the socio-political thought prevalent in the countries who gained their independence from European colonial powers?

question

Fascism

answer

"The keystone is the concept of the State, of its essence, its functions, and its aims. The State is absolute, individuals and groups relative." This passage captures the central idea of which political theory?

question

correct ->A. Montesquieu's the Spirit of the Laws B. John Locke's the Two Treatises of Government C. The Magna Carta D. Rousseau's Social Contract

answer

What was the intellectual basis of the establishment of the three branches of the government?

question

Generally reform-minded aspires to a constitutional based government

answer

Which of the following is the best definition of the Moderate political stance?

question

A. The power of the president to grant pardons B. The power of the Supreme Court to overrule legal decisions correctC. The power of the Congress to impeach the president D. The role of the vice-president as the Chair of the Senate

answer

Which one is an example of the application of the principle of Checks and Balances?

question

To advise the President on the subject matter of each respective office

answer

Which of the following is the primary function of Cabinet members?

question

A. Committee Review B. Passage in the House of Representatives C. Introduction by a member of Congress correct -;D. Signature of the President into law

answer

Which of the following is not a required step in the legislative process?

question

To interpret the meaning, relevancy, application, and/or Constitutionality of a law in question

answer

The primary role of the Supreme Court is

question

Hear any suits brought against a state

answer

Based on the 11th Amendment to the constitution, the Supreme Court does not have the authority to:

question

correct-; A. The laws of the state take precedence over federal laws, except the Constitution B. States have the authority to reject federal laws C. States have the freedom to choose whatever form of government they like D. The federal government is the supreme authority in matters of legal importance

answer

Based on the Constitution, which one of the following is true regarding the relationship between states and the federal government?

question

A. To protect the states against foreign invasion correctB. To conduct and regulate intrastate trade C. To act as a broker between the states on disputed issues D. To regulate income from taxation and trade

answer

Which of the following is not a role or responsibility of the federal government?

question

It guarantees personal liberties of freedom of speech, religion, and due process of law in the Bill of Rights

answer

How does the United States government preserve the freedom and rights of the people?

question

Strengthening minority rights through Constitutional Amendments and federal laws

answer

How does American government protect against the "tyranny of the majority"?

question

An Electoral College chosen based on different criteria in each state

answer

The United States president is elected by:

question

To organize political ideas and influence the government's function

answer

What is the functional basis for the existence of political parties in the United States?

question

Provide specialized information to government officials

answer

Compared to economic special interest groups, what is the primary goal of non-economic interest groups?

question

Politicians and candidates may use the media to advance their agendas, while the media may use bias in order to increase sales and viewership

answer

Which of the following best describes the relationship between politicians and the media in America?

question

The Judicial Review

answer

What important judicial process was established by the Supreme Court case Marbury vs. Madison in 1803?

question

By independent election of the chief executive

answer

How does the republican system avoid the need for formation of coalitions for guaranteeing an effective government?

question

In the parliamentary system, the executive is selected by the legislative branch

answer

What is the major difference between the parliamentary and republican systems of representative government?

question

Representatives make major national decisions while many community decisions are held by plebiscite

answer

Which of the following demonstrates a difference between democracy in Ancient Athens and modern day America?

question

Trade, and therefore the political and social well-being of trade partners, is vital to Americans' present standard of living; and that means trade routes and trade partners also require American protection.

answer

"The US can more than support itself with essentials such as food and fuel, and can secure everything else through trade. Domestic protection and investment, therefore, outweigh the need for foreign intervention." Which of the following statements is an accurate claim about interventionism that disputes this statement?

question

Realism

answer

"There are no universal principles by which all states may guide their actions. States must be must always be aware of the actions of other states and use a pragmatic approach to resolve problems." This statement reflects which theory of international relations?

question

correct-; A. The 1997 creation and implementation of the Chemical Weapons Treaty B. The partition of Czechoslovakia into the Czech Republic and Slovakia C. US occupation of Japan after WWII D. The Islamic Revolution in Iran in 1978

answer

Which of the following international events is an example of international Multilateralism?

question

A. Promotes and protects human rights and fundamental freedoms correctB. Provides emergency loans to indebted countries C. Enforces peace agreements and discourages resumption of hostilities between nations D. Encourages international economic cooperation

answer

Which of the following is not a goal or responsibility of the United Nations?

question

Conformal Large Scale

answer

Which of the following map projections is best used for a close up on a specific region?

question

Consistent scale map

answer

What map is best used for maps of smaller areas?

question

A. The wealthy B. Those with post-graduate education correct -;C. The working class D. Americans

answer

Which of the following groups is most likely to have a mental map that covers a smaller geographic scale?

question

Convergent

answer

Mountains are most likely to form along which type of plate boundary?

question

its carrying capacity

answer

The maximum, sustained level of use of an environment that is possible without incurring significant environmental deterioration is called ____________.

question

Equatorial Pacific Ocean

answer

Which areas of the map are the most influenced by the phenomenon of El Nino

question

A. It saves natural resources B. It saves clean air and water correct -;C. It saves money and creates jobs D. It saves landfill space

answer

Which of the following benefits of recycling would least relate to an area's physical geography?

question

Over time biomass becomes fossil fuels.

answer

How are biomass and fossil fuels related?

question

The abundance of natural harbors and fast moving rivers in the Northeast lent itself to the ease of creating canals and ports for trade, while the longer warm climate in the South lent itself to commercial agriculture.

answer

Which of the following statements best explains why trade and shipping are historically more dominant industries in the Northeast than they are in the South?

question

A. Allow farmers to charge more for their crops correct ->B. Allow farmers to reduce chemical spraying, use less harmful chemicals, or increase output C. Prevent chemical run-off into water supply due to the elimination of tilling to control weeds D. Increase the cost of seeds and thus the profits for farmers

answer

Which of the following best describes the benefits, to farmers, of genetically modified organisms? A. Allow farmers to charge more for their crops B. Allow farmers to reduce chemical spraying, use less harmful chemicals, or increase output C. Prevent chemical run-off into water supply due to the elimination of tilling to control weeds D. Increase the cost of seeds and thus the profits for farmers

question

To create a faster way to ship goods from the Atlantic to the Pacific Ocean.

answer

What is considered the primary reason the U.S. built the Panama Canal in 1907?

question

It has allowed nation-states to protect their economies and gain income through tariffs

answer

n what way has the modern creation of nation-states and boundaries affected the working of international commerce?

question

A. growth of GDP. B. impact of unemployment. C. monetary policy. correct ->D. a firm's profits.

answer

A macroeconomist would focus on all of the following except A. growth of GDP. B. impact of unemployment. C. monetary policy. correct D. a firm's profits.

question

The most desirable alternative given up

answer

What is an opportunity cost?

question

B. Market demand curves slope downward and to the right and supply curves slope upward from left to right

answer

100. Which of the following is usually true of demand and supply curves? A. Market demand curves slope downward and to the right, as do supply curves B. Market demand curves slope downward and to the right and supply curves slope upward from left to right C. Market demand curves slope upward to the left and supply curves slope downward to the right D. Market demand curves slope upward and to the right, as do supply curves

question

the increase in output from adding one more worker. correct

answer

Marginal product is A. the increase in costs from adding one more worker. B. the increase in revenue from adding one more worker. C. the total product divided by the total number of workers employed. D. the increase in output from adding one more worker.

question

The average cost is falling over the short term

answer

What situation is represented when the average cost and average variable cost curves are above the marginal cost curve?

question

When the total profit equals the total of all fixed and variable costs

answer

In what situation is a business said to be making a normal profit?

question

highly elastic.

answer

If the demand for new cars is highly price elastic, then the market demand for auto factory workers would tend to be

question

derived demand

answer

When the demand for an item affects the demand for the workers who make the item, this is referred to as

question

government.

answer

Establishing a legal framework through which a market economy can operate efficiently is a function of

question

Perfect competition and monopolistic competitive

answer

Which two market structures are characterized as having many buyers and sellers?

question

C. output of goods.

answer

GDP fails to measure all of the following except A. leisure. B. atmospheric pollution. C. output of goods. D. improvements in the quality of goods.

question

increases in price while supply remains the same.

answer

Demand-side inflation is best described as

question

Increasing the amount of capital per worker

answer

What is one of the most important sources of growth in a modern economy?

question

B. money market funds.

answer

The U.S. money supply, M1, includes all of the following except A. currency. B. money market funds. C. checking accounts. D. coins.

question

The Fed's Federal Open Market Committee

answer

Which part of the U.S. government determines monetary policies?

question

A. Cut taxes

answer

113. If unemployment has reached an unacceptable rate, which one of these policies would likely not be an effective one to follow for dealing with it? A. Cut taxes B. Cut job training C. Extend unemployment benefits D. Provide tax incentives to small business

question

B. China has an absolute advantage in manufacturing cell phones.

answer

114. If the U.S. can produce a cell phone using two resource units and China can produce the same phone using one resource unit, one can conclude that A. China has a comparative advantage in manufacturing cell phones. B. China has an absolute advantage in manufacturing cell phones. C. neither country has an absolute nor comparative advantage. D. the U.S. has a comparative advantage in manufacturing cell phones.

question

Exports would decrease

answer

If a country's currency increases in value, what is the likely effect on its exports?

question

It gives them the same tariff reductions that the U.S. negotiates with other nations

answer

Why is a trade agreement which includes a "most favored nation" clause important to countries with which the U.S. trades?

question

A. Major depression

answer

Which of the following is NOT a developmental disorder? A. Major depression B. Attention Deficit Hyperactivity Disorder C. Autism Spectrum D. Oppositional Defiant Disorder

question

object permanence

answer

he understanding that objects continue to exist even if they are outside one's field of perception is known as ________.

question

C. Child 3

answer

120. A teacher asks four children why you should not hit others and records their answers as follows: Child 1: "Because you get in trouble and can't go to recess." Child 2: "Because it is important for everyone to follow the classroom behavior rules." Child 3: "Because I wouldn't want someone to hit me." Child 4: "Because the teacher says hitting others can cause injuries and isn't nice." According to Kohlberg's stages of moral development, which child's answer represents the most advanced stage of moral development?

question

D. Ivan Pavlov

answer

"If a student associates negative emotional experiences with school then this can obviously have bad results, such as creating a school phobia. For example, if a student is bullied at school they may learn to associate school with fear." The statement above can be most closely associated with which psychological theorist? A. Jean Piaget B. B.F. Skinner C. Franz Boas D. Ivan Pavlov

question

B. metacognition

answer

According to Piaget's stages of cognitive development, which of the following first begins to occur during the Concrete Operational Stage? A. egocentrism B. metacognition C. accomodation D. animism

question

success in a task through scaffolding

answer

A young boy is given a series of instructions when first assembling a complex toy made of building blocks, and then later reassembles the toy without assistance. This could be best described as an example of _________.

question

autonomy

answer

A child with a secure attachment to her caregiver usually develops a sense of __________.

question

symbolic play

answer

A child sings into a hairbrush. This could be considered an example of __________.

question

hildren depend on modeling to develop various aspects of their personality

answer

Positive role models are considered to be important during a child's early development because _________.

question

D. poverty

answer

126. Which of the following would not be considered a sociocultural factor influencing individual development? A. family B. race C. cultural perspective D. poverty

question

C. conformity

answer

Despite making his own observations to the contrary, a student matches his answer to the teacher's question according to the enthusiastic suggestions of his team members in a classroom game. This is an example of which of the following? A. group polarization B. scapegoating C. conformity D. social loafing

question

D. US Congress

answer

128. Which of the following is NOT an example of a major social institution? A. The Catholic Church B. The Marlborough branch of the Spencer Family C. Stanford University D. US Congress

question

D. Sociocultural

answer

"The comparative study of the multitude of ways people make sense of the world around them, as well as the relationships between people and groups." This definition best fits which branch of Anthropology? A. Biocultural B. Archaelogocial C. Linguistic D. Sociocultural

question

the process by which elements of a subculture are adopted by the dominant culture

answer

Cultural appropriation is

question

Biocultural Archaelogocial Linguistic Sociocultural

answer

Branches of Anthropology

question

Enlightenment thinker. Social contract in which people give power to the government for an organized society. wrote "Leviathan" . Believed that individuals lives were a quest solely for power and the state must work to control this urge . People are unable to live harmoniously without the government.

answer

Thomas Hobbes

question

Enlightenment thinker. Natural rights- life, liberty and property. Wrote "Two Treaties of Government" which argued against many of locks ideas. Theory of Tabula Rasa- that people are born with minds that are blank slates and experience molds minds, not innate knowledge or intuition. Believed all men were essentially good, as well as independent and equal. Many ideas inspired constitution

answer

John Locke

question

Separation of powers, checks and balances. Where inspiration for three branches in constitution came from.

answer

Montesquieu

question

developed the idea of Social contract which people follow "general will" for true liberty". He and Montesquieu heavily influenced ideas of the French revolution (and John Locke -> the U.S.const.) They believed in government policies and ideas should alleviate existing problems- an idea called liberalism. Wrote "The Social Contract" and strongly influenced "The Declaration of the Rights of Man and of the Citizen" (Laffayette wrote). Other ideas he and Montesquieu espoused: -individual freedom and community welfare of equal importance -man's innate goodness leads to natural harmony -Reason develops with the rise of civilized society -Individual citizens carry certain obligations to the existing government.

answer

Rousseau

question

McCulloch v. Maryland.

answer

case established that State action may not impede valid constitutional exercises of power by the federal government?

question

Enlightenment thinker. Battled corruption, injustice, inequality; defended freedom of speech

answer

Voltaire

question

Encylopedia

answer

Diderot

question

Free Market; Laissez faire "Wealth of Nations". Considered the father of modern economics. Smith said the economic system of Mercantilism was not in the best interest of maximizing the situation of the individual or country. Smith noticed that when individuals seek their own interest, an invisible hand leads them to benefit society, much more so than they ever imagined. The idea of the invisible hand is the idea that the economy is not led by an entity, bur rather the collusion of individuals acting in their own self interest. The Invisible Hand refers to the non-directed distribution of resources (i.e. nobody tells a farmer how much wheat to grow or sell, nobody tells a baker how much flour to buy or bread bake, yet both produce and sell enough to food a nation without many leftovers). Revolutionized economic thinking.

answer

Adam Smith

question

he system of economic thought from the 16th to the 18th centurie. Mercantilism holds that the more gold a nation has, the better and stronger their economy and global power. Under Mercantilism the measuring stick of success if how much gold is imported into a country from outside the country. This economic idea led to countries pursuing colonies- as England did with the Americas, India, and South Africa. The structure of the national economy focused on enriching the parent country- even at the expense of the colonies. Colonies were not encouraged to trade with other countries, but rather trade with the parent country so they may sell goods for gold

answer

Mercantilism

question

was a British economist in the first half of the 20th (1900s) century. He is considered one of the founding fathers of macroeconomics. The driving idea behind many of his theories is that government policies can proprovide economic stability. His theories gained wide recognition after World War II. Advocated that free market can lead to economic inefficiencies and governmental intervention can lead to a stable, productive economy. He promoted a mixed economy of free markets and governmental intervention. Keynes solution to the hard economic times, as seen during the Great Depression, was for government to "stimulate" the economy by reducing interest rates and investing in infrastructures. He felt the government could borrow large sums and allocate the resources to the best channels to bring about economic productivity. A notable tension is Keynesian economics was the "short run" and "long run." Keynes felt in the short run, government could borrow to stimulate the economy, but could not do so for the long run as debts have to be paid. When asked on how long the "long run" was, he replied, "in the long run we are all dead." This thought implies that the short run could extend for many years and government intervention would last as long as necessary to stabilize and stimulate the economy. -Demand-side economics -that focuses on changes in the economy in the short run

answer

John Maynard Keynes (1882-1946)

question

is an American economist and the most influential economist of the second half of the 20th century. He offered alternatives to Keynesian economics and gained notable popularity in the 1970s and 1980s. He had considerable influence in American economics and was the economic advisor to Reagan. -Supply-side economics

answer

Milton Friedman (1912-2006)

question

The Cost of the next best forgone activity

answer

Opportunity Cost

question

an economic system where the means of production are privately owned and operated to make a profit. Capitalism is a market compromised of rational; in it free individuals use their resources to dictate price, demand, quality and quantity through the purchasing of products. Profits of business are given to management who invest in other business and pay workers a wage for the work and workers are free to move from one job to to the next

answer

Capitalism

question

he movement to eliminate classes where society is the owner of the means of production; communism eliminates the need for wages and private property. Since all things are owned by everyone, everything is shared. Communism has been implemented by various regimes since 1848. The most notable is in Russia in the Russian Revolution in 1917. The leader of the revolution was Vladimir Lenin. Lenin's followers were known as Leninist. Lenin's successor was Joseph Stalin, one of the most infamous dictators in human history. In implementation, communism has resulted in the rise of one individual party in a society. This individual party, typically, does not allow for dissenting voices to be heard and quickly eliminates free speech. The party in power oppresses the working poor, making use of society's resources to create luxury environments for governmental officials. The general populace typically lives in poverty with little individual liberty or freedom. The notion of a communist community originated with Karl Marx and his publication of the communist manifesto

answer

Communism

question

A hard term to identify, socialism typically refers to a significant amount of common ownership of national resources where a directing body, typically the government, plans the allocation of resources to optimal levels to meet the demands of society. Socialism would fall between capitalism and communism because there is a defined ownership in socialism as well as the existence of markets to decide, or measure, an allocation of goods. There are different forms of socialism, which leads to confusion in definitions. A hard term to identify, socialism typically refers to a significant amount of common ownership of national resources where a directing body, typically the government, plans the allocation of resources to optimal levels to meet the demands of society. Generally, Socialist leaning governments are characterized by high taxes, to redistribute wealth from the rich to the poor and complex tax systems to create financial incentives. The government provides many basic necessities of life and heavy regulation is placed upon the economy. The goal in socialism is the eliminate Social classes and poverty.

answer

Socialism

question

the ability by an entity to produce more of a good or service than another entity using the same amount of resources. If person A can produce 10 widgets with 10 tools and person B can produce only 5 widgets with 10 tools, person A has the absolute advantage of making widgets.

answer

Absolute advantage

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Company A and Company B each have 10 acres of land. Company A can produce 10 tons of wheat or 5 tons of cotton on their ten acres. Company B can produce 10 tons of cotton or 5 tons of wheat on their land. Because the opportunity cost to produce cotton for Company A is 10 tons of wheat which is less than Company B, Company A has a comparative advantage in producing wheat; in the production of cotton, Company B has a comparative advantage because their opportunity cost (how much wheat they could produce) is less than Company A. The idea of comparative advantage is that different people can do things better than other people. Typically, entities should perform whatever they have a comparative advantage in because this is the most economically productive activity.

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Comparative advantage

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World currencies- There are many currencies in the world; this is important to international trade. Because currencies are not all valued the same, a change in the value of currency can significantly affect international trade. World currencies increase or decrease for many reasons. One currency can increase or decrease while no other currency increases or decreases.

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World currencies

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The ability for one country to trade with another without the hindrance of regulation such as a tariff (a tax on an import or export) or a trade cap (a limit to the amount a good can be imported or exported).

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Free Trade

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Any obstacle in a trade, whether it be a tariff, trade cap, or the subsidization of an industry by a government.

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Trade Barrier

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A tax on an import or export

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Tariffs

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One country taxing a popular import from another country that placed a tariff on the first country's export ex: in June 1930 the U.S. passed the Smoot Hawley Tariff Act. This Act placed a Tariff on over 20,000 goods coming into the country from other countries. Because the other countries were hurt by the new tariffs- there good was more expensive to American consumers, thus less purchased by American consumers- they placed tariffs on American goods to punish America for creating the original tariff. This caused both countries to lose, because consumers could not purchase the goods they wanted and as the exporting companies lost business they lost profits and had to lay-off workers. Retaliatory Tariffs are lose-lose situations and are passed in the idea that the offending country will repeal the original tariff, which led to the retaliatory tariff.

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Retaliatory Tariff

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The colonies' purpose was to provide economic goods to the mother country. The American colonies, however, constantly evaded tariffs and smuggled whatever economic goods they could in and out of the colonies. There was a constant struggle between Britain and the colonist on the rate and collection of tariffs.

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Colonial Economics

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Meaning- When two or more parties voluntarily exchange one good or another. This is contrasted with involuntary exchange, where trade is forced (or incentives altered) with government taxes, subsidies, laws or regulations. Value of it- Voluntary exchange promotes economic efficiency by rewarding two or more parties who used their resources to obtain something they valued more.

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Voluntary exchange

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When one person owns and is responsible for the upkeep of land or capital. Purpose- Private property encourages individuals to use their resources for the owner's greatest benefit. This allows owners to sell, renovate, transfer, or use their property in any way they see fit. Generally, owners will use their resources in the most economically efficient means. Value- Private property gives the incentive for owners, and aspiring owners, to use their resources the best they see fit. Bad or inefficient owners typically cannot afford to maintain their property- thus transferring economic resources to the most useful owner. Ex: two farmers on common land are going to both over use it until it is ruined. Their private lands they'll care for and make it most efficient

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Private Property

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The notion that firms will strive for a greater share of the market to sell or buy goods or services. Purpose/Value- When firms compete for market share, they must innovate and gain some comparative advantage in the market. They must attract customers through better quality, cheaper prices, better services, etc. When firms compete in this manner is allows the best firms to continue in business by rewarding them with profits and gives feedback to inefficient firms through losses. The consumer wins when companies compete because they receive a better product, typically at a cheaper price. Bar

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Competition

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Barrier to entry- A barrier to entry is when entry into a market is hindered by an obstacle, whether by government regulation, higher start-up cost, or some other circumstance. Barriers to entry reduce competition

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Barrier to entry

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the 1800s. The Industrial Revolution is directly responsible for the rise of the standard of living in developed nations, the rise of city populations, and increase in governmental activity in individual lives (through government programs to serve citizens needs in the cities: sanitation, street lights, police, fire department, etc). Sherman Antitrust Act 1890- Allows the government to investigate, regulate, and control large companies for the purpose of preventing circumstances that restrict competition in the United States. Smoot-Hawley Tariff Act 1930- The largest tariff act ever in the U.S. In a single Act, 20,000 new tariffs were placed on imports. This caused retaliatory tariffs by Canada and almost every European country, causing a significant rise in unemployment and a depression of stock prices. Many historians consider this as very influential in the Great Depression.

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Economic Growth: Industrial Revolution

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Allows the government to investigate, regulate, and control large companies for the purpose of preventing circumstances that restrict competition in the United States.

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Sherman Antitrust Act 1890

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The largest tariff act ever in the U.S. In a single Act, 20,000 new tariffs were placed on imports. This caused retaliatory tariffs by Canada and almost every European country, causing a significant rise in unemployment and a depression of stock prices. Many historians consider this as very influential in the Great Depression.

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Smoot-Hawley Tariff Act 1930

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WWI- With the Industrial Revolution and the assembly line firmly entrenched in the American economy, World War I allowed the U.S. to maximize their economic capacity. Factories were built to fulfill government contracts and after the war, they were altered to suite production

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Economic Growth- WW1

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Supply and Demand is one of the most basic economic concepts. The law of Supply and Demand states that- when all things are held constant- as a good increases in price more suppliers will supply the good and less consumers will demand the good; when a good decreases in price, less suppliers will supply the good and more consumers will demand the good. The law of Supply and Demand can be expressed in a graph. The law of demand states that as the price of a good increases the less quantity will be demanded for the good. The reason is as it becomes more expensive to purchase a good the opportunity cost increases as well. For example, if bread increases from $1 a loaf to $10 a loaf then a person that buys a loaf of bread will have to not purchase $9 of other goods.

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Supply and Demand

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is an uneven balance between the amount of good being supplied and the amount of a good demanded. Suppliers must reduce their price to increase demand.

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Market disequilibrium

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Philosophers and scientists began to rely more on observation to support their ideas, rather than building on on past beliefs, particularly those held by the church. A focus on ethics and logic drove their work.

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Enlightenment

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enlightenment thinker. "I think therefore I am" believed strongly in logic and the rules of observation.

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Descartes

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enlightenment thinker. Pioneered empiricism and skepticism, believing that truth can only be found through direct experience, and that what others said to be true was always suspect

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Hume

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enlightenment thinker. believed in self-examination and observation and that the root of morality lay within human beings

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Immanuel Kant

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developed the idea of social contract. That government exist by the agreement of the people, and that the government was obligated to protect the people and their basic rights. his ideas influenced Locke and Jefferson.

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Rosseau

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