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Unit 6: economic
Policy making
| Question | Answer |
|---|---|
| What type of economy did Alexander Hamilton help create? | a mixed economy: An economic system in which the government is deeply involved in the economic decisions through its role as regulator, consumer, subsidizer, taxer, employer, and borrower. |
| How does economic policy making Impact a voter's decision in an election? | Voters give their votes to the candidates who will help them most. They look at things like taxes and social security. |
| What is sociotropic voting? | The effects of individuals judgement about how the nation is doing economically on their evaluation of incumbents. |
| Compare the liberal/conservative views of the economy. What should the government focus on? | Conservatives believes the Government should tax less and spend less. Liberals believe the Government should provide more services to the less fortunate (like health care) and increase taxes if necessary. |
| What is inflation? | rise in the general price level (and decrease in dollar value) owing to an increase in the volume of money and credit in relation to available goods |
| What determines the unemployment rate? Is it a reliable measure? Why or why not? | the government comes up with this much-anticipated number each month by following a process that more closely resembles the U.S. Census. The unemployment rate is measured by a division of the Department of Labor known as the Bureau of Labor Statistics, or |
| What is liassez-faire? What caused Americans to shift to this view? | An economic theory that government should not regulate or interfere with commerce. People shifted to this view when trust in the government wavered. |
| What is monetarism? What do monetarists believe? | A theory that government should control the money supply to encourage economic growth and restrain inflation. Monetarists believethat inflation occurs when too much money is chasing too few goods. |
| What is the purpose of the federal reserve board? | A seven-member board that sets member banks reserve requirements, controls the discount rate, and makes other economic decisions. |
| How does the federal reserve control the supply of money? | If the Fed buys back issued securities (such as Treasury bills) from large banks and securities dealers, it increases the money supply in the hands of the public. Conversely, the money supply decreases when the Fed sells a security. |
| Compare Keynesian and supply-side economics. Which political parties are associated with each? | Keynesian Economic theory: that government spending and deficits can help the economy weather its normal ups and downs. Supply-side Economics is an economic theory that too much income goes to taxes so too little money is available for purchasing. |
Created by:
vivian.coronado
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