Chapter 15 Flashcards - Alexander Johnson

Question 1

Affordable Care Act (ACA)

Answer 1

A United States federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010.

Question 2

agenda setting

Answer 2

The “ability of the news media to influence the importance placed on the topics of the public agenda”. With agenda setting being a social science theory, it also attempts to make predictions.

Question 3

Board of Governors

Answer 3

A federal government agency that is the Fed’s centralized component. The Board consists of seven members who are appointed by the president of the United States and confirmed by the Senate.

Question 4

budget deficit

Answer 4

Occurs when an individual, business or government budgets more spending than there is revenue available to pay for the spending, over a specific period of time. Debt is the aggregate value of deficits accumulated over time.

Question 5

charter school

Answer 5

A school that receives government funding but operates independently of the established state school system in which it is located. Charter schools are an example of public asset privatization.

Question 6

Common Core

Answer 6

An educational initiative from 2010 that details what K–12 students throughout the United States should know in English language arts and mathematics at the conclusion of each school grade.

Question 7

Department of Health and Human Services

Answer 7

A cabinet-level department of the U.S. federal government with the goal of protecting the health of all Americans and providing essential human services.

Question 8

depression

Answer 8

A severe and long lasting decline in the economy that occurs as investment sags, production falls off, and unemployment increases.

Question 9

discount rate

Answer 9

The minimum interest rate set by the Federal Reserve for lending to other banks.

Question 10

distributive policies

Answer 10

Aimed at ensuring proper distribution of opportunities, goods, services among different sections of society.

Question 11

entitlement programs

Answer 11

A government program that guarantees certain benefits to a particular group or segment of the population.

Question 12

Federal Reserve System

Answer 12

The central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises.

Question 13

fiscal policy

Answer 13

The use of government revenue collection and expenditure to influence the economy. According to Keynesian economics, when the government changes the levels of taxation and government spending, it influences aggregate demand and the level of economic activity.

Question 14

governmental (institutional) agenda

Answer 14

A list of subjects or problems to which government officials as well as individuals outside the government are paying serious attention at any given time. … Although the media does often have an effect on the political agenda, these results are not always immediate.

Question 15

gross domestic product (GDP)

Answer 15

A monetary measure of the market value of all the final goods and services produced in a period of time, often annually or quarterly.

Question 16

inflation

Answer 16

A general increase in prices and fall in the purchasing value of money.

Question 17

Keynesian economics

Answer 17

The various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand.

Question 18

laissez-faire

Answer 18

An economic system in which transactions between private parties are free from government intervention such as regulation, privileges, tariffs and subsidies.

Question 19

means-tested programs

Answer 19

A determination of whether an individual or family is eligible for government assistance, based upon whether the individual or family possesses the means to do without that help.

Question 20

Medicaid

Answer 20

A health care program that assists low-income families or individuals in paying for doctor visits, hospital stays, long-term medical, custodial care costs and more. Medicaid is a joint program, funded primarily by the federal government and run at the state level, where coverage may vary.

Question 21

Medicare

Answer 21

Medicare is a federal program that provides health coverage if you are 65 and older or have a severe disability, no matter your income.

Question 22

monetary policy

Answer 22

The process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.

Question 23

national debt

Answer 23

The debt, or unpaid borrowed funds, carried by the federal government of the United States, which is measured as the face value of the currently outstanding Treasury securities that have been issued by the Treasury and other federal government agencies.

Question 24

No Child Left Behind (NCLB)

Answer 24

A U.S. Act of Congress that reauthorized the Elementary and Secondary Education Act; it included Title I provisions applying to disadvantaged students.

Question 25

non-means-tested programs

Answer 25

Programs provided by government to all citizens, regardless of income; Medicare and Social Security are examples

Question 26

open market operations

Answer 26

An activity by a central bank to give liquidity in its currency to a bank or a group of banks.

Question 27

policy adoption

Answer 27

The approval of a policy proposal by people with the requisite authority, such as a legislature.

Question 28

policy evaluation

Answer 28

The process of determining whether a course of action is achieving its intended goals.

Question 29

policy formulation

Answer 29

The development of effective and acceptable courses of action for addressing what has been placed on the policy agenda.

Question 30

policy implementation

Answer 30

The process of carrying out public policy.

Question 31

public policy

Answer 31

The principled guide to action taken by the administrative executive branches of the state with regard to a class of issues, in a manner consistent with law and institutional customs.

Question 32

recession

Answer 32

A decline in the economy that occurs as investment sags, production falls off, and unemployment increases.

Question 33

redistributive policies

Answer 33

A policy requirement whereby the government reallocates the wealth from one group in society to another group. It involves the direct provision of benefits to citizens through social programs such as welfare.

Question 34

regulatory policies

Answer 34

In addition to fiscal and monetary policies, a government affects the economy through regulatory policy, which aims to limit what can be done in the marketplace. Most governments have some regulations covering a variety of areas, including: Banking, insurance, and other financial businesses.

Question 35

reserve requirements

Answer 35

A central bank regulation employed by most, but not all, of the world’s central banks, that sets the minimum amount of reserves that must be held by a commercial bank.

Question 36

Social Security Act

Answer 36

It created Social Security in the United States, and is relevant for US labor law. It created a basic right to a pension in old age, and insurance against unemployment.

Question 37

systemic agenda

Answer 37

“all issues that are commonly perceived by members of the political community as meriting public attention and as involving matters within the legitimate jurisdiction of existing governmental authority”.

Question 38

vouchers

Answer 38

Certificates issued by the government that may be applied toward the cost of attending private or other public schools