AP US Government Ch.16 Wilson - Kinnick
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| Democrats and Republicans alike would prefer to have both low unemployment and no inflation, but if they must choose what would Democrats prefer to reduce and what would Republicans try and lower? | Democrats would mainly attempt to reduce unemployment while Republicans try to reduce inflation
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| What is Keynesianism | Keynesianism is an economic ideaology saying that economic health depends entirly on the willingness of people to spend or save. If people spend too much then there will be shortages, prices will rise. If people save too much (meaning that people buy less
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| Define Logrolling | Logrolling is when there is mutual help between politicians so that they can accomplish one goal. Usually comes out as you scratch my back, i'll scratch your's.
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| Explain Client Politics | Client Politics is when a little people benefit but alot or everyone pays.
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| Explain Majoritarian Politics | Majoritarian politics are when everyone pays but everyone benefits.
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| Explain Entrepreneur Politics | Entrepreneur politics are when many or all people benefit but only a few or small group of people pay the costs.
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| Explain Interest Group Politics | Interest group Politics are when a small group of people will benefit but only a small group will pay the costs.
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| What are Policy Entrepreneurs? | Policy Entrepreneurs are people that work on the behalf of a group of people that are either unorganized or undecided on certain topics.
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| Define Deregulation | Deregulation is when the government removes regulations from a company. An example would be when the government deregulated the airlines companies allowing them to base prices off of the market rather then the government setting the prices.
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| What are process regulations? | Process regulations are rules that enusre and attempt to improve the safety of workers and consumers, and attempt to aid or dampen damage to the enviornment.
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| The federal government, politicians, and almost every citizen wants reduced unemployment, cut inflation, lower interest rates, and increase incomes, but this is not possible; why? | It is impossible for all these to occur for several reasons, including and most importantly that by excess of one will often result in an in crease of another. Example, If more people are working, then there is going to be less money to go around.
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| There are two main types of majoritarian politics that the government is faced with when dealing with taxing and government spending, what are they? | The two types of majoritarian politics are: people want general prosparity and people want more government spending on popular programs.
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| True or False, the President is involved in tax issues. Why or Why not? | True, the President is involved in Tax issues because he is a visable leader in these issues, and most tax issues are majoritarian politics
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| Explain Monetarism | Monetarism is a belief that the government should provide money supply as the economy grows, and do nothing else.
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| Define Supply-Side Theory | The Supply-Side Theory says that the government should stay completely out of economics and let it simply. Most of all the government should reduce taxes greatly causing incentive to work, save and invest.
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| Match the theory or idea (industrial policy, Keynesian, supply-side) with its political association (liberal, conservative, or socialist) | Industrial Policy - Socialist, Keynesian - Liberal, Supply-side - Conservative
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| Reaganomics was started by President Reagan from his election in 1981. It was a mix of economic theories...which were they? | The theories that were mixed in reaganomics were Monetarism, Supply-Side tax cuts, and Domestic Budget Cutting.
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| What is the difference between Fiscal and Monetary policies? | Fiscal policies deal with using taxes and expendatures to help the economy vs. Monetary policies which attempt to use interest rate, and the amount of money in the economy to aid the economy.
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| In what month does the FY (fiscal year) begin and end? | The Fiscal year beings and ends in October (1st) and September (30th), respectively.
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| Can the President single handidly and directly effect the economy? | No, the president would need help from agencies like the Federal Reserve Board as well as help from some congressional committees.
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