Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
AP GOV 6.2-6.3
| Question | Answer |
|---|---|
| mixed economy, where the government, while not commanding the economy, is still deeply involved in economic decisions | American Economic Type |
| economic system in which individuals and corporations own the principal means of production, through which they seek to reap profits | Capitalism |
| Democrats stress the importance of ________ while Republicans are worried about ________ | Employment; Inflation |
| ______ often judge officeholders by how well the economy performs | Voters |
| _______ worry constantly about the state of the economy | Policymakers |
| Measuring how many and what types of workers are unemployed in the Department of Labor | Bureau of Labor Statistics (BLS) |
| key measure of inflation | The Consumer Price Index (CPI) |
| worrisome to consumers and politicians alike than the combined effects of inflation and unemployment marching upward | "Stagflation" |
| President in 1929 when the stock market crashed who clung laissez-faire principle that government should not meddle with the economy | Herbert Hoover |
| FDR's experiment with dozens of new federal policies to put the economy back on track | New Deal |
| Defeated Herbert Hoover after the Great Deppression | Franklin D. Roosevelt |
| two important tools to guide the economy in American Politics | monetary policy and fiscal policy |
| involves the manipulation of the supply of money and credit in private hands | Monetary policy |
| economic theory that the supply of money is the key to the nation’s economic health | monetarism |
| believe that having too much cash and credit in circulation generates inflation | Monetarists/monetarism theory |
| The main agency for making monetary policy; otherwise known as “the Fed” | Board of Governors of the Federal Reserve System |
| Created by Congress in 1913 to regulate the lending practices of banks and thus the money supply; intended to be formally beyond the control of either the president or Congress | Federal Reserve System |
| How many are in the Board of Governors of the Federal Reserve and how long do they serve? | Seven; 14 year terms |
| describes the impact of the federal budget—taxing, spending, and borrowing—on the economy; shaped mostly by the Congress and the president | Fiscal Policy |
| Favored by Democrats; holds that government must stimulate greater demand, when necessary, with bigger government (such as federal job programs) | Keynesian economic theory |
| Favored by Republicans; which calls for smaller government (such as tax cuts) to increase the incentive to produce more goods | Supply-side economic theory |
| “Managing” the ______ is more difficult than many politicians (and citizens) believe | Economy |
| presents a restraint on controlling the economy: because the private sector is much larger than the public sector, it dominates the economy | The American capitalist system |
| far outnumber any other kind of interest groups | Economic interest groups |
| two major concerns of government regulation | Corruption and concentration of economic power |
| to ensure competition and prevent monopoly (control of a market by one company) | Anti trust policies |
| Earliest form of Government regulation of business | Sherman Antitrust Act of 1890 |
| main regulatory agency responsible for regulation of business practices | Securities and Exchange Commission (SEC) |
| The first major consumer protection policy in the United States; prohibited the interstate transportation of dangerous or impure food and drugs | Food and Drug Act of 1906 |
| broad regulatory powers over the manufacturing, contents, marketing, and labeling of food and drugs; responsibility to ascertain the safety and effectiveness of new drugs before approving them for marketing in America | Food and Drug Administration (FDA) |
| awakened in the 1960s by consumer activists such as Ralph Nader, who argued that it was the government’s responsibility to be a watchdog on behalf of the consumer | "Consumers" |
| has broad powers to ban hazardous products from the market | The Consumer Product Safety Commission (CPSC) |
| traditionally been responsible for regulating trade practices—also jumped into the business of consumer protection | The Federal Trade Commission (FTC) |
| Passed in 1953 by Congress which guaranteed workers the right of collective bargaining; and set rules to protect unions and organizers | National Labor Relations Act |
| the right to have labor union representatives negotiate with management to determine working conditions | collective bargaining |
| continued to guarantee unions the right of collective bargaining, but also permitted right-to work laws | Taft-Hartley Act of 1947 |
| laws that forbid labor contracts from requiring workers to join unions in order to hold their jobs | right-to-work laws |
| Most notable successes by Unions | unemployment compensation and minimum wage for hourly employees |
| occurs when expenditures exceed revenues; causes resources to be scarce | budget deficit |
| added to the Constitution explicitly permitting Congress to levy an income tax | The Sixteenth Amendment |
| Created to collect income taxes | Internal Revenue Service (IRS) |
| come from both employers and employees. It is a payroll deduction from paychecks; payments do not go into the government’s general money fund; they are specifically earmarked for benifits | Social Security taxes |
| __ percent of all federal expenditures goes to paying off the debt | 10 |
| Concerns about the national debt have led to some calls for a ______ _______ amendment | Balanced Budget |
| presumably some tax break or tax benefit | Tax loophole |
| essentially monies that government could collect but does not because they are exempted from taxation; amount to subsidies; benefit middle- and upper-income taxpayers | Tax expenditures |
| _______ receive most of the tax expenditures, and _______ get the rest | Individuals and Corporations |
| Gross National Product minus the value of goods and services produced outside the country | Gross Domestic Product (GDP) |
| Two conditions associated with government growth in America | rise of the national security state and the rise of the social service state |
| coined the phrase military industrial complex | President Eisenhower |
| characterize the close relationship between the military hierarchy and the defense industry that supplies its hardware needs; The Pentagon wants weapons systems and arms makers want contracts, so they tend to be mutually supportive | military industrial complex |
| resulted in a permanent military establishment and expensive military technology | the “cold war” with the Soviet Union |
| originally intended to provide a minimal level of sustenance to older Americans; money is taken from working members of the population and spent on retired members | The Social Security Act |
| added to the Social Security system, providing hospital and physician coverage to the elderly | Medicare |
| Favored by Liberals & opposed by Conservatives, seeing them as a strain on society | Social Security |
| the best predictor of this year’s budget is last year’s budget plus a little bit more (an increment) | Incrementalism |
| one that is mandated under current law or by a previous obligation | “Uncontrollable” expenditures |
| The biggest uncontrollable expenditure; which costs more than $700 billion | Social Security system, including Medicare |
| lobbying for a group’s needs takes place in the agencies, with presidents, and before congressional committees | Interest groups |
| the heads almost always push for higher budget requests, sending their requests to the Office of Management and Budget and presenting themselves before congressional committees | Agencies |
| responsible to the president, but the director and staff have considerable independence, making them major actors in the annual budget process | Office of Management and Budget (OMB) |
| makes the final decisions on what to propose to Congress; unveils the proposed budget | The president |
| congressional equivalent of the OMB | The Budget Committees and the Congressional Budget Office |
| approves taxes and appropriations | Congress as a whole |
| Americans have chosen to tax less and spend less on _____ _____ than almost all other democracies with developed economics | Public services |
| provide benefits to individuals, either through entitlement or means-tested programs | Social welfare policies |
| like Social Security and Medicare are the largest and most expensive social welfare programs in America | Entitlement programs |
| funded at much lower levels than non-means tested entitlement programs for the elderly aimed specifically at the poor—such as Medicaid and food stamps | Means-tested programs |
| African Americans, Hispanics, unmarried women, and inner-city residents; unmarried mothers and their children | Poverty in America is concentrated among a few groups |
| Government can manipulate income through | taxing powers |
| Government can affect income through | expenditure policies |
| takes a bigger bite from the incomes of the rich than from the poor | Progressive taxes |
| takes the same share from everyone, regardless of income or wealth (sometimes called a “flat rate” tax) | Proportional tax |
| takes a higher percentage from the lower income levels than from the well-to-do (such as sales taxes) | Regressive tax |
| transfer payments | Benefits from government; transfer money from the general treasury to those in specific need |
| something with cash value that is not cash itself (such as food stamps, healthcare subsidies, or a low-interest loan for college education) | “in-kind payment” |
| administration coined the term the “Great Society” for these policy initiatives; programs were established; initiated antipoverty programs | Lyndon B. Johnson |
| President Clinton signed; led to the most significant drop in welfare enrollment in American history | welfare reform bill |
| The number of Social Security contributors (the workers) is growing slowly, while the number of Social Security recipients (the retired) is growing rapidly | Social Security dilemma |
| many poor and working Americans are relegated to an inferior healthcare system because access to health insurance is not ______ in the United States | Universal |
| represents 85 percent of workers receiving health insurance | Managed care |
| first president to call for national health insurance | Harry S. Truman |
| a compulsory insurance program to finance all Americans’ medical care; the idea was strongly opposed by the American Medical Association, which called this program socialized medicine | national health insurance |
| provides hospitalization insurance | Part A of Medicare |
| permits older Americans to purchase inexpensive coverage for doctor fees and other expenses | Part B of Medicare |
| means-tested program designed to provide healthcare for the poor; like other public assistance programs, it is funded by both the states and the national government | Medicaid |
| agency charged with administering environmental laws; now the nation’s largest federal regulatory agency | Environmental Protection Agency (EPA) |
| charges the Department of Transportation (DOT) with the responsibility of reducing automobile emissions | The Clean Air Act of 1970 |
| enacted for water quality has improved dramatically because of this act | The Water Pollution Control Act of 1972 |
| requires the government to actively protect each of the hundreds of species listed as endangered, regardless of the economic effect on the surrounding towns or region | The Endangered Species Act of 1973 |
| most pollutant energy source | The United States has plentiful supplies of coal |
| most efficient, but controversial energy source. Concerns center around possible meltdowns at reactors | Nuclear power |
| burning of high-sulfur coal in Midwestern factories, winds carry sulfuric acid eastward, rains bring acid to earth damaging forestry | Interest group politics: acid rain |
| when energy from the sun is trapped under the (polluted) atmosphere and warms the earth; many scientists believe that the atmosphere is being changed due to our heavy reliance on fossil fuels | greenhouse effect |
| nations met in Kyoto, Japan, and signed a treaty that would require nations to reduce their emissions of greenhouse gases below 1990 levels by about 2010. Opponents fear that cutting greenhouse gases will cost a staggering sum. | Kyoto Protocol |
| Widening opposition to potentially hazardous industrial facilities has further complicated environmental policymaking in recent years; local groups have often successfully organized resistance to planned development | “Not In My Back Yard” (NIMBY) |
Created by:
jbearden582