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GOV Unit 4
| Question | Answer |
|---|---|
| Federal Reserve System | The central banking system of the United States made up of the Board of Governors, 12 regional Federal Reserve Banks, and member banks responsible for monetary policy |
| Monetary Policy | Government policy that regulates the amount of money in the economy to control inflation and unemployment |
| Fiscal Policy | Government use of taxation and spending to influence the economy |
| Interest Rate | The price of borrowing money |
| Board of Governors | The seven |
| Federal Reserve Banks | The twelve regional banks that help implement monetary policy and supervise banks |
| Open Market Operations | The buying and selling of U.S. Treasury securities by the Federal Reserve to influence the money supply |
| Reserve Requirement | The percentage of deposits banks must keep in reserve rather than loaning out |
| Discount Rate | The interest rate the Federal Reserve charges commercial banks to borrow money |
| Inflation | A general increase in prices and decrease in the purchasing power of money |
| Unemployment | The percentage of the labor force that is without jobs but actively seeking work |
| Money Supply | The total amount of money available in the economy |
| Expansionary Monetary Policy | Actions taken by the Fed to increase the money supply and stimulate the economy |
| Contractionary Monetary Policy | Actions taken by the Fed to decrease the money supply to slow inflation |
| What is the main goal of monetary policy | To maintain economic stability by controlling inflation, unemployment, and the money supply |
| Who appoints members of the Federal Reserve Board of Governors | The President of the United States |
| Who confirms members of the Federal Reserve Board of Governors | The United States Senate |
| How long is a Federal Reserve Board of Governors term | 14 years |
| Why are Federal Reserve terms so long | To keep the Fed independent from political pressure and presidential influence |
| Why is the Federal Reserve considered independent | Because its leaders serve long terms and cannot easily be removed by elected officials |
| What are the three main tools of monetary policy | Open market operations, the reserve requirement, and the discount rate |
| Which monetary policy tool involves buying and selling treasury securities | Open market operations |
| What happens when the Fed buys treasury securities | The money supply increases and interest rates usually fall |
| What happens when the Fed sells treasury securities | The money supply decreases and interest rates usually rise |
| What happens when the reserve requirement increases | Banks lend less money and the money supply decreases |
| What happens when the reserve requirement decreases | Banks can lend more money and the money supply increases |
| What happens when the discount rate increases | Borrowing becomes more expensive and banks lend less |
| What happens when the discount rate decreases | Borrowing becomes cheaper and banks lend more |
| How does the Fed respond to high unemployment | It lowers interest rates to encourage borrowing and spending |
| How does lowering interest rates help the economy | It encourages businesses to invest and hire more workers |
| How does the Fed respond to high inflation | It raises interest rates to reduce borrowing and spending |
| How do higher interest rates reduce inflation | They slow spending and economic activity which lowers price increases |
| What is the difference between fiscal policy and monetary policy | Fiscal policy involves government spending and taxes while monetary policy controls the money supply and interest rates |
| Which branch mainly controls fiscal policy | Congress and the President |
| Which institution controls monetary policy | The Federal Reserve |
| Why might critics oppose the Federal Reserve’s independence | Because unelected officials have significant control over the economy |
| What argument supports Federal Reserve independence | Economic decisions should be insulated from short |
| What AP concept explains tension between economic goals like inflation and unemployment | Economic policy tradeoffs |
| What is the dual mandate of the Federal Reserve | Promote stable prices and maximize employment |
| Political Ideology | A coherent set of beliefs about politics, government, and the role of government in society |
| Liberal Ideology | The belief that government should play an active role in solving social and economic problems |
| Conservative Ideology | The belief that government should be limited and that individuals and markets should solve most problems |
| Libertarian Ideology | The belief that government should be extremely limited in both economic and personal matters |
| Moderate Ideology | A political viewpoint that falls between liberal and conservative positions |
| Liberal (Democratic Ideology) | Supports government programs that promote economic equality, social welfare, and regulation of business |
| Conservative (Republican Ideology) | Supports limited government, free markets, lower taxes, and traditional social values |
| Libertarian | Supports minimal government involvement in both the economy and personal lives |
| Democratic Party | One of the two major U.S. political parties generally associated with liberal ideology |
| Republican Party | One of the two major U.S. political parties generally associated with conservative ideology |
| Economic Policy | Government decisions about taxation, spending, and regulation that influence the economy |
| Social Policy | Government decisions about issues such as civil rights, abortion, gun laws, and education |
| What do liberals generally believe about government’s role in the economy | Government should regulate business and provide programs to reduce inequality |
| What do conservatives generally believe about government’s role in the economy | Government regulation should be limited and free markets should dominate |
| What do libertarians believe about government’s role in the economy | Government should have very little involvement in the economy |
| What do liberals generally support regarding social programs | Expanding programs such as healthcare, education funding, and social welfare |
| What do conservatives generally support regarding taxes | Lower taxes and reduced government spending |
| What do libertarians support regarding personal freedoms | Maximum individual liberty and minimal government restrictions |
| Which party is most closely associated with liberal ideology | The Democratic Party |
| Which party is most closely associated with conservative ideology | The Republican Party |
| Why do libertarians disagree with both major parties | Because they oppose government intervention in both economic and social issues |
| Which ideology typically supports stronger environmental regulations | Liberal ideology |
| Which ideology typically supports fewer business regulations | Conservative ideology |
| Which ideology supports legalizing many personal choices such as drugs or marriage laws | Libertarian ideology |
| Which ideology supports expanding government programs like healthcare and student aid | Liberal ideology |
| Which ideology supports reducing the size and role of government | Conservative ideology |
| Which ideology supports the smallest possible government | Libertarian ideology |
| Which political ideology is most supportive of government welfare programs | Liberal ideology |
| Which political ideology is most supportive of free market capitalism with little regulation | Conservative ideology |
| Which ideology would most likely oppose both high taxes and government restrictions on personal behavior | Libertarian ideology |
| How do Democrats generally view government assistance programs | They generally support expanding them to reduce inequality |
| How do Republicans generally view government assistance programs | They generally support limiting them to reduce government spending |
| Why do conservatives argue for limited government | They believe free markets and individuals make better decisions than government |
| Why do liberals support a larger government role | They believe government can help create equality and protect vulnerable groups |
| What is the main priority of libertarian ideology | Protecting individual liberty and limiting government power |
| Individualism | The belief that individuals should be responsible for themselves and for the decisions they make |
| Equality of Opportunity | The belief that everyone should have the chance to succeed based on their own effort |
| Equality of Result | The idea that everyone should end up with roughly the same economic outcomes regardless of effort |
| Free Enterprise | An economic system where businesses operate with minimal government interference |
| Laissez | faire |
| Rule of Law | The principle that no person, including government officials, is above the law |
| Limited Government | The principle that government power is restricted by laws and constitutional protections of individual rights |
| Checks and Balances | A system in which each branch of government can limit the powers of the other branches |
| Federalism | A system of government in which power is divided between national and state governments |
| Bill of Rights | The first ten amendments to the Constitution protecting individual liberties |
| Liberty | Freedom from excessive government control |
| Order | The government’s role in maintaining stability, safety, and structure in society |
| Public Policy | A system of laws, regulatory measures, courses of action, and funding priorities concerning a public issue |
| Entitlement Programs | Government programs that provide benefits to people who meet specific eligibility requirements regardless of income |
| Social Security | A federal entitlement program providing retirement income to workers who paid payroll taxes during their careers |
| Medicare | A federal health insurance program primarily for people over age 65 and certain disabled individuals |
| Welfare Programs | Government programs that provide assistance based on financial need |
| SNAP | Supplemental Nutrition Assistance Program providing food benefits to low |
| TANF | Temporary Assistance for Needy Families, a welfare program providing temporary financial assistance |
| AFDC | Aid to Families with Dependent Children, a New Deal–era welfare program later replaced by TANF |
| Political Culture | The widely shared beliefs, values, and norms about government and politics within a society |
| Political Socialization | The process by which people develop their political beliefs and values |
| Political Ideology | A set of beliefs about the role and purpose of government |
| Family Political Socialization | The influence parents and relatives have on a person’s political beliefs |
| Class Political Socialization | The influence of economic status on political beliefs |
| Race Political Socialization | The influence of racial identity and experiences on political attitudes |
| Education Political Socialization | The influence schools and education level have on political beliefs |
| Peer Political Socialization | The influence of friends and social groups on political views |
| Religion Political Socialization | The influence of religious beliefs and institutions on political attitudes |
| Civic Organizations | Nonprofit groups formed for community or charitable purposes that can influence political participation |
| Generational Effect | The impact of historical events experienced by a generation on its political views |
| Life Cycle Effect | Changes in political views that occur as people age and enter different stages of life |
| Globalization | The increasing interconnectedness of people, businesses, and countries around the world |
| Intergovernmental Organizations (IGOs) | International organizations formed by governments to cooperate on global issues |
| Outsourcing | When companies move jobs or production to other countries where labor costs are cheaper |
| Public Opinion | The collective attitudes and beliefs of individuals on political issues |
| Sample | A group selected from a larger population used to measure public opinion |
| Random Selection | A polling method ensuring each person has an equal chance of being chosen for the sample |
| Representative Sample | A sample that accurately reflects the demographics of the larger population |
| Sampling Error | The margin of error in a poll caused by surveying only a portion of the population |
| Statistical Significance | A measure indicating that poll results are likely not due to random chance |
| Straw Poll | An informal and unofficial poll used to gauge opinion but not scientifically reliable |
| Entrance Poll | A poll conducted when people enter an event or location |
| Exit Poll | A survey of voters taken immediately after leaving a polling place |
| Benchmark Poll | A poll taken at the beginning of a political campaign to measure initial public opinion |
| Tracking Poll | A poll conducted repeatedly over time to measure changes in public opinion |
| Random Digit Dialing | A polling method where computers randomly generate phone numbers to contact respondents |
| Question Wording Bias | When the phrasing of a poll question influences the respondent’s answer |
| Question Order Bias | When the sequence of questions influences responses |
| Push Poll | A deceptive poll designed to influence voters’ opinions rather than measure them |
| Sample Bias | When a poll sample does not accurately represent the population |
| Nonresponse Bias | When people who do not respond to polls differ significantly from those who do respond |
| Social Desirability Bias | When respondents give answers they believe are socially acceptable rather than their true opinions |
| Acquiescence Bias | The tendency of respondents to agree with statements regardless of their content |
| Interviewer Bias | When the pollster’s behavior or tone influences responses |
| Gender Gap | The difference between how men and women vote or view political issues |
| Party Identification | A person’s psychological attachment to a political party |
| Revenue | Money the government collects primarily through taxes |
| Income Tax | A tax on the income individuals earn |
| Corporate Tax | A tax on the profits of corporations |
| Excise Tax | A tax placed on specific goods or services when they are purchased |
| Payroll Tax | A tax taken from workers’ paychecks used to fund Social Security and Medicare |
| Outlays | Government spending in a fiscal year |
| Deficit | When government spending exceeds government revenue |
| Surplus | When government revenue exceeds spending |
| National Debt | The total amount of money the government owes from borrowing to cover deficits |
| Government Bonds | Loans investors give to the government that must be repaid with interest |
| Debt Ceiling | The legal limit on the amount the federal government can borrow |
| Gross Domestic Product (GDP) | The total value of all goods and services produced in a country in a year |
| Unemployment Rate | The percentage of people actively seeking work who cannot find jobs |
| Inflation Rate | The rate at which prices for goods and services increase over time |
| Consumer Price Index (CPI) | A measure tracking the cost of a standard basket of goods over time |
| Business Cycle | The pattern of economic expansion and contraction over time |
| Fiscal Policy | Government use of taxation and spending to influence the economy |
| Keynesian Economics | The economic theory that government spending and lower taxes should be used to stimulate demand during economic downturns |
| Demand | Side Economics |
| Supply | Side Economics |
| Trickle | Down Economics |
| Monetary Policy | Government policy controlling the money supply and interest rates |
| Federal Reserve System | The central banking system responsible for monetary policy in the United States |
| Reserve Requirement | The amount of money banks must keep in reserve rather than loan out |
| Treasury Securities | Government bonds bought and sold by the Federal Reserve to control the money supply |
| Medicaid | A government healthcare program for low |
| Delegate role | Representatives act as a "mouthpiece" or agent for their constituents |
| Trustee role | Constituents "entrust" the representative to use their best judgment and intellect to make decisions |
| Politico role | A combination of the delegate and trustee roles, often viewed as the most accurate description of a politician's actions. |
Created by:
katdolan