Podcast
Questions and Answers
What occurs when the price level of goods and services increases over several months?
What occurs when the price level of goods and services increases over several months?
- An open-market operation
- A recession
- A budget deficit
- Inflation (correct)
The power to raise or lower the tax rate is part of what?
The power to raise or lower the tax rate is part of what?
- Fiscal policy (correct)
- The contracting power
- Budgetary policy
- Monetary policy
Adam Smith's theory of what maintains that many individual economic transactions come together to create a greater good for all?
Adam Smith's theory of what maintains that many individual economic transactions come together to create a greater good for all?
- Trickle-down economics
- The invisible hand (correct)
- Rational expectations
- The prisoner's dilemma
Congress was granted the power to tax personal income in what year?
Congress was granted the power to tax personal income in what year?
Sales taxes are what, and most income taxes are what?
Sales taxes are what, and most income taxes are what?
Classic laissez-faire theory is based on the idea that what?
Classic laissez-faire theory is based on the idea that what?
An officially expressed purpose or goal backed by a sanction is called what?
An officially expressed purpose or goal backed by a sanction is called what?
The index of the total output of goods and services produced in a national economy is called what?
The index of the total output of goods and services produced in a national economy is called what?
Those who believe in the theory of what maintain that the government's role in regulating the economy should be focused on lowering taxes and creating incentives for a more productive and efficient use of resources?
Those who believe in the theory of what maintain that the government's role in regulating the economy should be focused on lowering taxes and creating incentives for a more productive and efficient use of resources?
As of 2016, American immigration laws routinely give special priority to what?
As of 2016, American immigration laws routinely give special priority to what?
Upton Sinclair's 1906 exposé The Jungle revealed what?
Upton Sinclair's 1906 exposé The Jungle revealed what?
A way to reduce the disparities in wealth between the rich and poor is called what?
A way to reduce the disparities in wealth between the rich and poor is called what?
A key power of the Fed is to what?
A key power of the Fed is to what?
The Federal Reserve Board has the power to do what?
The Federal Reserve Board has the power to do what?
Allies of the United States paid for what percent of the cost of the Persian Gulf War?
Allies of the United States paid for what percent of the cost of the Persian Gulf War?
Foreign aid is an economic what; sanctions are an economic what?
Foreign aid is an economic what; sanctions are an economic what?
The Marshall Plan was what?
The Marshall Plan was what?
Which of the following is an accurate description of the United Nations?
Which of the following is an accurate description of the United Nations?
An agreement between the president and another country that has the force of a treaty but does not require the Senate's 'advice and consent' is called what?
An agreement between the president and another country that has the force of a treaty but does not require the Senate's 'advice and consent' is called what?
In foreign policy, the Bush Doctrine refers to what?
In foreign policy, the Bush Doctrine refers to what?
Amnesty International is what?
Amnesty International is what?
The representation of a government to other foreign governments is called what?
The representation of a government to other foreign governments is called what?
The Monroe Doctrine refers to what?
The Monroe Doctrine refers to what?
The Cold War began in what period?
The Cold War began in what period?
Some developing countries have accused the United States of hypocrisy because they believe the United States what?
Some developing countries have accused the United States of hypocrisy because they believe the United States what?
The North Atlantic Treaty Organization (NATO) is an example of what?
The North Atlantic Treaty Organization (NATO) is an example of what?
A policy of deterrence may fail against terrorist groups because?
A policy of deterrence may fail against terrorist groups because?
Which of the following goals has traditionally been of lowest priority in U.S. foreign policy?
Which of the following goals has traditionally been of lowest priority in U.S. foreign policy?
Which of the following is an accurate description of the United Nations?
Which of the following is an accurate description of the United Nations?
Study Notes
Economic Concepts
- Inflation occurs when the overall price level of goods and services rises over several months.
- Fiscal Policy involves the government's power to raise or lower tax rates to influence the economy.
- Adam Smith's theory, known as the invisible hand, suggests that individual economic actions lead to collective benefits for society.
Taxation and Budget
- Congress gained the authority to tax personal income in 1913.
- Sales taxes are generally regressive, whereas most income taxes are considered progressive, meaning they tax higher income earners at higher rates.
- Classic laissez-faire theory contends that economic competition fosters growth and innovation, suggesting minimal government interference.
Government Policies
- Public Policy encompasses officially expressed goals with enforced regulations.
- The gross domestic product (GDP) measures the total output of goods and services in the national economy.
- Those supporting supply-side economics argue for government policies focused on reducing taxes and providing incentives to enhance productivity.
Immigration and Labor
- As of 2016, American immigration laws prioritize skilled workers in demand by employers.
- Upton Sinclair’s The Jungle unveiled unsanitary conditions in meatpacking industries, influencing food safety reforms.
Economic Disparities
- A policy of redistribution aims to reduce wealth disparities between affluent and impoverished populations.
Federal Reserve System
- A critical function of the Federal Reserve is to regulate the availability of credit in the U.S. economy.
- The Federal Reserve Board can increase or decrease interest rates, and it manipulates the economy's money supply through government securities transactions.
Foreign Relations and Military
- Allies financed 90% of the Persian Gulf War costs.
- Foreign aid is often referred to as a 'carrot,' while economic sanctions are viewed as a 'stick.'
- The Marshall Plan provided aid for the economic recovery of Western Europe post-World War II.
United Nations and Diplomacy
- The United Nations is characterized by its reliance on member states for enforcement of rules, lacking direct enforcement power.
- An executive agreement allows the president to forge agreements with other countries without Senate consent.
- The Bush Doctrine emphasizes preemptive war as a strategy in foreign policy.
Human Rights and Global Policies
- Amnesty International is an organization dedicated to protecting human rights on a global scale.
- Diplomacy refers to the representation of a government in relations with other nations.
- The Monroe Doctrine established a stance against foreign intervention in the Western Hemisphere.
Historical Context
- The Cold War initiated in the 1940s, significantly influencing global relations for decades.
- Allegations of U.S. hypocrisy from developing countries stem from its advocacy for free trade while providing domestic subsidies to its agricultural sector.
- NATO exemplifies a multilateral treaty aimed at collective defense among member nations.
Counter-Terrorism and International Priorities
- Deterrence strategies struggle against nonstate terrorist groups due to their lack of a fixed base for retaliation.
- Human rights traditionally rank low on the U.S. foreign policy priority list compared to national security and economic interests.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge on key concepts from Chapters 16 and 18 of Government. These flashcards cover essential topics such as inflation, fiscal policy, and the economic theories of Adam Smith. Prepare for your exam with these quick and informative review tools.
