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Poli Sci 102 Chapter 15 – Flashcards

Misty Porter

8 July 2022

question

financially secure, happy, and healthy like with upward social mobility attained through and individual's hard work and persistence

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American dream

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overall wealth of citizens and corporations that governments tax to raise revenue

answer

Tax base

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a system for producing, distributing, and consuming goods and services

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Economy

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no government interference in market place, all privately owned

answer

Pure Capitalist Economy

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what the US is because national policies are enacted to influence the economy

answer

Regulates capitalist economy (mixed economy)

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"hands-off" stance with regard to the marketplace Government should neither encourage nor discourage business practices that affected economic health

answer

Laissez-Faire Economics

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Wealth of Nations, described laissez-faire economics Emphasized that the most effective way to support a strong and stable economy over time is to allow unregulated competition in the marketplace, people's pursuit of their self-interest in an unregulated market place would yield healthy economy (Darwinism) This applied when farming was big, but as this changed laissez-faire disintegrated

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Adam Smith

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the gap in the difference of income between those at the top and at the bottom Monopolies made it difficult for many working class to move up Because of this government began to respond to worker's demands for better wages and working conditions, uniform (national) rules and regulations for business practices needed = need for regulated capitalism When technology became a big part of business cheap labor ballooned

answer

Income Inequality

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Before great depression government believed in balanced budget for economy A budget where the government's expenditures are equal to or less than its revenues says that during a recession the national government should increase its spending to make jobs and decrease taxes so that people have more money to spend= will stimulate economy

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Keynsian Economics

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spending more than is raised through taxes to pay for military effort During the Great Depression FDR and congress supported deficit spending to make jobs and assistance programs

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deficit spending

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(times of rapid economic growth) Keynesian theory says to cut down government spending and possibly increase taxes Advocates using Fiscal policy combination of tax policy and spending policy for a healthy economy

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economic boom

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Advocates tax cuts and decrease in government regulation to stimulate the economy in times of recession Argues that government collects a lot of money in taxes from workers that they are discouraged from working more than they need to, by cutting taxes people will have more money and work more Bush continued this but then raised taxes to address national debt

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Supply- Side Economics (Reaganomics)

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to reduce or eliminate restrictions on business would help increased production and supply of goods

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Deregulation

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the government's role in making a healthy economy is regulating money supply so rate of inflation remains low

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Monetarism

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Believes that too much money in circulation leads to high inflation rate People spend less cause of higher prices Too little money means less investments and not enough new jobs Target inflation rate of 1-3 percent per year

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Milton Friedman

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Healthy economy has Expanding Gross Domestic Product (GDP), increasing level of worker productivity, low unemployment rate, low inflation rate

answer

Measuring Economic Health

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total market value of all good and services produced within a country's borders Higher productivity=higher living standards Rising GDP and productivity show expanding economy Healthy economy with low level of inflation

answer

Gross Domestic Product (GDP)

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which measures the average change in prices over time of regular goods and services Low unemployment rate (5% or less) also shows healthy economy

answer

Consumer Price Index (CPI)

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measures standard of living in people of various nations , quality of life Long and healthy life Educational opportunities Decent standard of daily living

answer

Human Development Index (HDI)

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adjusted for inflation so it can be compared across years

answer

Real income

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total pretax earnings of all residents over age of 15 in a home

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Household income

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income level in the middle of all household incomes Healthy economy would also ensure that all workers earn enough to stay out of poverty (condition lacking sufficient income to buy things they need to live alright)

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Median Household income

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Fiscal year (FY) is the 12 month economic year: October 1 to September 30 of the following year Tax Policy Congress formulates and approves tax law (to raise money) and appropriation laws (how the money will be spent)

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Fiscal Policy and Economic Health

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takes a larger percentage of income from wealthier people than it does from poorer people (National Income Tax is this)

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Progressive tax

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(flat tax) takes the same percentage of each taxpayer's income Regressive Tax: takes greater percentage of income from lower income makers than from higher (State's sales tax)

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Proportional Tax

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good behaviors get tax cuts

answer

Tax Expenditures (Tax breaks)

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authority from law for agencies to spend government funds Programs that use this are Discretionary Spending Programs Security Programs and nonsecurity programs

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Budget authority

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government spending for debt and programs whose budget authority is provided in legislation that isn't appropriation acts Medicare, Social Security, Medicaid Government must pay as long as they exist

answer

Mandatory Spending

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Executive budget explains president's fiscal plan, drafter by Office of Management and Budget Must be submitted Fed, 8 months before fiscal year begins

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The President's Executive Budget

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Congressional Budget Office analyzes the executive budget , used by House of Budget committee and Senate to make concurrent budget resolution Establishes a binding expenditure ceiling and floor House and Senate must both agree on concurrent budget resolution

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Congressional Action

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process of rewriting authorization legislation to comply with concurrent budget resolution Continuing resolution, if congress and president haven't come to approve appropriation bills, then congress lets agencies spend by last year's budget

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Budget reconciliation

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money left over when all expenses are paid

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Budget Surplus

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more money spent than collected through revenue

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Budget deficits

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the nation's central banking system who works to maximize employment, ensure stable prices (keep inflation low) and moderate long-term interest rates

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Federal Reserve

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composed of Board of Governors, twelve federal Reserve Banks, and the Federal open Market Committee Setting monetary policy: the body of government policies aimed at maintaining price stability It can raise or lower the reserve requirement (amount of money that financial institutions must keep out of circulation) Can raise or lower the discount rate (interest charged to financial institutions that borrow money from federal reserve bank) Most influential is decision to buy or sell Treasury Securities Supervising and regulating banking institutions Maintaining the stability of financial markets Providing financial services to depository institutions, the national government, and foreign official institutions

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Federal Reserve System (Fed)

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Competition can provide for the public good, but unregulated market competition can be bad for consumers, workers, and the environment Without regulation, companies could put workers in bad conditions, use harmful resources etc. to increase sales

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Regulatory Policy

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Government policies that aim to preserve competition in the market place ICC (Interstate Commerce Commission) was the first agency the federal gov made for regulating business for railroads Securities and Exchange Commission (SEC) created during the great depression

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Business Regulation

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depression era, guaranteed the right of workers to unionize and elect representatives to bargain collectively with management for better wages and conditions

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National Labor Relations Act of 1935 (Wagner Act)

question

Government policies directed at protecting workers, consumers, and environment from harmful market place competition Aims to protect the public's health and safety

answer

Social regulation

question

The Jungle motivated Teddy Roosevelt to pass Pure Food and Drug Act and the Meat Inspection Act The Pure Food and Drug Act created FDA to test foods and drugs for human consumption

answer

Early Social Regulation

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establishes standards for a legal workweek, overtime pay, minimum, wages, record keeping, limits on child labor

answer

Fair Labor Standards Act in 1938 (FLSA)

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Ralph Nader warned that "a great problem of contemporary life is how to control the power of economic interests which ignore the harmful effects of their applied science and technology" Ignited a consumer safety movement and environmental movement- first Earth Day 1970

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Consumer and Environmental Protection

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protects the public from unreasonable risk of injury associated with more than 15,00 consumer products, can recall these products

answer

Consumer Product Safety Act (CPSA)

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Since a lot of other nations don't have the same types of policies, it makes trade difficult

answer

The Cost of Regulation

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national economies are integrated and interdependent

answer

Global Economy

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each country has one, collection of tax laws and regulations that support the country's international commerce goal of trade policy is to promote prosperous economies

answer

Trade Policy

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aims at protecting domestic producers and businesses from foreign competition through tariffs and nontariff trade barriers (tax on imported goods)

answer

Protectionist trade policy

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barriers include government social and business relations as well as government subsidies (tax breaks to support public good doing) most subsidies are given to producers or distributors of goods to promote economic growth

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Nontariff trade barriers

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aims at lowering or eliminating tariffs and nontariff barriers to trade open markets to a greater diversity of products and brisker competition by having no tariffs American companies can participate in the global marketplace for cheaper

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Free Trade Policy

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unemployment is low. consumer levels are relatively stable. productivity of the individual worker is increasing

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Economists view a healthy economy as one in which

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argued for an unregulated economy.

answer

In his classic Wealth of Nations (1776), economist Adam Smith

question

government-regulated capitalism

answer

What type of economy does the United States have?

question

inflation.

answer

When a gradual increase in the price of oil causes a rise in the prices of food, the economy is in danger of

question

consumer price index, or the CPI.

answer

The most common measure of inflation is the

question

do not affect all tax payers equally.

answer

Taxes levied by the federal government

question

generally seen as fair and equitable by most taxpayers.

answer

Taxes levied in such a manner that the wealthier taxpayers pay more are

question

money.

answer

Monetary policy is directed at influencing the supply of

question

the Sherman Antitrust Act and the Clayton Antitrust Act

answer

Which of the following is an example of how the government attempts to regulate business?

question

trade deficit.

answer

Because the United States currently imports more goods and services than it exports, it has a

question

stock market.

answer

The Securities and Exchange Commission regulates the

question

protecting domestic producers and businesses from foreign competition through tariffs and non-tariff trade barriers.

answer

Protectionist trade policy is aimed at

question

intervene actively to abate a recession.

answer

Following the Great Depression, President Franklin Roosevelt adopted the policies of John Maynard Keynes who recommended that the government

question

adopted a policy of free trade.

answer

Following World War II, Western governments dropped protectionist policies and

question

ever increasing.

answer

Mandatory spending for programs such as Social Security and Medicare/Medicaid is

question

that under certain conditions the government should increase spending and reduce taxes to stimulate the economy.

answer

Keynesian economics recommends

question

too much money leads to higher inflation.

answer

Monetarists believe that

question

Federal Reserve Board

answer

The ________ is responsible for setting U.S. monetary policy.

question

lower taxes and decrease business regulation

answer

During a recession, what advice would a supply-side economist give to the federal government?

question

decreases the money supply.

answer

When the Federal Reserve's Open Market Committee sells bonds it

question

regressive tax.

answer

A sales tax is an example of

question

an inability to realize the American dream

answer

A call for governmental intervention in capitalism rose because of

question

120 years ago.

answer

The first business regulation law, creating the Interstate Commerce Commission, was enacted about

question

business regulation.

answer

The National Labor Relations Act and the Taft-Hartley Act are examples of

question

creates mandatory spending. accounts for the majority of government expenditure. need not be re-authorized each year.

answer

Legislation creating programs which obligate expenditures while the program exists

question

only a little

answer

Annual budget decisions by Congress and the president cover ________ of the spending.

question

a continuing resolution.

answer

If a budget is not completely authorized by the beginning of the new fiscal year, then Congress must pass

question

the Office of Management and Budget.

answer

The annual budget process includes a cost-benefit analysis of proposed regulations by

question

the reserve requirement.

answer

The amount of money financial institutions must keep out of circulation is

question

all international trade rules.

answer

The World Trade Organization meets biennially to deliberate on

1 of

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question

financially secure, happy, and healthy like with upward social mobility attained through and individual's hard work and persistence

answer

American dream

question

overall wealth of citizens and corporations that governments tax to raise revenue

answer

Tax base

question

a system for producing, distributing, and consuming goods and services

answer

Economy

question

no government interference in market place, all privately owned

answer

Pure Capitalist Economy

question

what the US is because national policies are enacted to influence the economy

answer

Regulates capitalist economy (mixed economy)

question

"hands-off" stance with regard to the marketplace Government should neither encourage nor discourage business practices that affected economic health

answer

Laissez-Faire Economics

question

answer

Adam Smith

question

answer

Income Inequality

question

answer

Keynsian Economics

question

spending more than is raised through taxes to pay for military effort During the Great Depression FDR and congress supported deficit spending to make jobs and assistance programs

answer

deficit spending

question

answer

economic boom

question

answer

Supply- Side Economics (Reaganomics)

question

to reduce or eliminate restrictions on business would help increased production and supply of goods

answer

Deregulation

question

the government's role in making a healthy economy is regulating money supply so rate of inflation remains low

answer

Monetarism

question

answer

Milton Friedman

question

Healthy economy has Expanding Gross Domestic Product (GDP), increasing level of worker productivity, low unemployment rate, low inflation rate

answer

Measuring Economic Health

question

answer

Gross Domestic Product (GDP)

question

which measures the average change in prices over time of regular goods and services Low unemployment rate (5% or less) also shows healthy economy

answer

Consumer Price Index (CPI)

question

measures standard of living in people of various nations , quality of life Long and healthy life Educational opportunities Decent standard of daily living

answer

Human Development Index (HDI)

question

adjusted for inflation so it can be compared across years

answer

Real income

question

total pretax earnings of all residents over age of 15 in a home

answer

Household income

question

answer

Median Household income

question

answer

Fiscal Policy and Economic Health

question

takes a larger percentage of income from wealthier people than it does from poorer people (National Income Tax is this)

answer

Progressive tax

question

(flat tax) takes the same percentage of each taxpayer's income Regressive Tax: takes greater percentage of income from lower income makers than from higher (State's sales tax)

answer

Proportional Tax

question

good behaviors get tax cuts

answer

Tax Expenditures (Tax breaks)

question

authority from law for agencies to spend government funds Programs that use this are Discretionary Spending Programs Security Programs and nonsecurity programs

answer

Budget authority

question

government spending for debt and programs whose budget authority is provided in legislation that isn't appropriation acts Medicare, Social Security, Medicaid Government must pay as long as they exist

answer

Mandatory Spending

question

Executive budget explains president's fiscal plan, drafter by Office of Management and Budget Must be submitted Fed, 8 months before fiscal year begins

answer

The President's Executive Budget

question

answer

Congressional Action

question

answer

Budget reconciliation

question

money left over when all expenses are paid

answer

Budget Surplus

question

more money spent than collected through revenue

answer

Budget deficits

question

the nation's central banking system who works to maximize employment, ensure stable prices (keep inflation low) and moderate long-term interest rates

answer

Federal Reserve

question

answer

Federal Reserve System (Fed)

question

answer

Regulatory Policy

question

answer

Business Regulation

question

depression era, guaranteed the right of workers to unionize and elect representatives to bargain collectively with management for better wages and conditions

answer

National Labor Relations Act of 1935 (Wagner Act)

question

Government policies directed at protecting workers, consumers, and environment from harmful market place competition Aims to protect the public's health and safety

answer

Social regulation

question

The Jungle motivated Teddy Roosevelt to pass Pure Food and Drug Act and the Meat Inspection Act The Pure Food and Drug Act created FDA to test foods and drugs for human consumption

answer

Early Social Regulation

question

establishes standards for a legal workweek, overtime pay, minimum, wages, record keeping, limits on child labor

answer

Fair Labor Standards Act in 1938 (FLSA)

question

answer

Consumer and Environmental Protection

question

protects the public from unreasonable risk of injury associated with more than 15,00 consumer products, can recall these products

answer

Consumer Product Safety Act (CPSA)

question

Since a lot of other nations don't have the same types of policies, it makes trade difficult

answer

The Cost of Regulation

question

national economies are integrated and interdependent

answer

Global Economy

question

each country has one, collection of tax laws and regulations that support the country's international commerce goal of trade policy is to promote prosperous economies

answer

Trade Policy

question

aims at protecting domestic producers and businesses from foreign competition through tariffs and nontariff trade barriers (tax on imported goods)

answer

Protectionist trade policy

question

answer

Nontariff trade barriers

question

answer

Free Trade Policy

question

unemployment is low. consumer levels are relatively stable. productivity of the individual worker is increasing

answer

Economists view a healthy economy as one in which

question

argued for an unregulated economy.

answer

In his classic Wealth of Nations (1776), economist Adam Smith

question

government-regulated capitalism

answer

What type of economy does the United States have?

question

inflation.

answer

When a gradual increase in the price of oil causes a rise in the prices of food, the economy is in danger of

question

consumer price index, or the CPI.

answer

The most common measure of inflation is the

question

do not affect all tax payers equally.

answer

Taxes levied by the federal government

question

generally seen as fair and equitable by most taxpayers.

answer

Taxes levied in such a manner that the wealthier taxpayers pay more are

question

money.

answer

Monetary policy is directed at influencing the supply of

question

the Sherman Antitrust Act and the Clayton Antitrust Act

answer

Which of the following is an example of how the government attempts to regulate business?

question

trade deficit.

answer

Because the United States currently imports more goods and services than it exports, it has a

question

stock market.

answer

The Securities and Exchange Commission regulates the

question

protecting domestic producers and businesses from foreign competition through tariffs and non-tariff trade barriers.

answer

Protectionist trade policy is aimed at

question

intervene actively to abate a recession.

answer

Following the Great Depression, President Franklin Roosevelt adopted the policies of John Maynard Keynes who recommended that the government

question

adopted a policy of free trade.

answer

Following World War II, Western governments dropped protectionist policies and

question

ever increasing.

answer

Mandatory spending for programs such as Social Security and Medicare/Medicaid is

question

that under certain conditions the government should increase spending and reduce taxes to stimulate the economy.

answer

Keynesian economics recommends

question

too much money leads to higher inflation.

answer

Monetarists believe that

question

Federal Reserve Board

answer

The ________ is responsible for setting U.S. monetary policy.

question

lower taxes and decrease business regulation

answer

During a recession, what advice would a supply-side economist give to the federal government?

question

decreases the money supply.

answer

When the Federal Reserve's Open Market Committee sells bonds it

question

regressive tax.

answer

A sales tax is an example of

question

an inability to realize the American dream

answer

A call for governmental intervention in capitalism rose because of

question

120 years ago.

answer

The first business regulation law, creating the Interstate Commerce Commission, was enacted about

question

business regulation.

answer

The National Labor Relations Act and the Taft-Hartley Act are examples of

question

creates mandatory spending. accounts for the majority of government expenditure. need not be re-authorized each year.

answer

Legislation creating programs which obligate expenditures while the program exists

question

only a little

answer

Annual budget decisions by Congress and the president cover ________ of the spending.

question

a continuing resolution.

answer

If a budget is not completely authorized by the beginning of the new fiscal year, then Congress must pass

question

the Office of Management and Budget.

answer

The annual budget process includes a cost-benefit analysis of proposed regulations by

question

the reserve requirement.

answer

The amount of money financial institutions must keep out of circulation is

question

all international trade rules.

answer

The World Trade Organization meets biennially to deliberate on

Poli Sci 102 Chapter 15 – Flashcards

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