Brainscape's Knowledge GenomeTM


Top Flashcards (Certified)
All Flashcards

Gross - US Government > Chapter 4: Making Evonomic Policy Part B > Flashcards

Chapter 4: Making Evonomic Policy Part B Flashcards

1
Q

What are the governments six formal economic powers?

A
  • taxing
  • borrowing
  • spending
  • regulating the value of money
  • Interstate commerce
  • foreign commerce
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is trade between states?

A

Interstate commerce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

what is trade with in the states?

A

intrastate commerce

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What regulated railroads including transportation as well as rates?

A

Interstate commerce act 1887

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

The ____________ wasn’t _______ for ______ year’s?

A

The interstate commerce act wasn’t enforced for 17 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What law forced railroads to obey the interstate commerce act?

A

Northern securities case 1904

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What law stated that any combination in restraint of trade is illegal?

A

Sherman antitrust act 1890

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What do find what it meant to be in restraint of trade and created the office of Attorney General?

A

Clayton antitrust act 1914

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Name the two functions of the Clayton antitrust act 1914…?

A
  • defined what it meant to be in restraint of trade

- created the office of Attorney General

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

T OR F

As a result of the elastic clause, the constitution has been narrowly interpreted by the Supreme Court to exclude stocks commodities and labor unions.

A

FALSE

As a result of the elastic clause, the constitution has been broadly interpreted by the Supreme Court to include stocks, commodities, and labor unions.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

T OR F

When the writers of the constitution put interstate commerce into the document they were only concerned with trade problems on the Potomac River.

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

In what two ways does the government deal with foreign commerce?

A
  • directly (tax laws and tariffs)

- indirectly american business must get an export lisence to trade with a foreign country

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

How do Americans get around the government indirectly dealing with foreign commerce… American businesses must get an export license to trade with the foreign country?

A

They get around this by sending the goods to Canada and then having Canada send them to the US and beyond… called a subsidies

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What is an international monopoly and name an example of it?

A

cartel

ex: OPEC

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What do you things does the US international trade commission do…?

A
  • advise the president on effects of tariffs

- attempts to prevent countries from dumping (government pays a difference)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What is the selling of goods below cost to increase exports?

A

dumping

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What are the four informal economic powers the government has?

A
  • Power to grant patents, copyrights, and trademarks
  • uniform bankruptcy law
  • uniform system of weights and measurements
  • post office
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Pattens protect what?

A

Machines

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Copyrights protect what?

A

books and music

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Trademarks protect what?

A

logos

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What is a legal document giving an inventor exclusive rights to make, sell, or use their invention?

A

patent

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is the price someone pays to use a patented product?

A

royalty

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is the legal claim of the inability to pay your debts?

A

uniform bankruptcy law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

T OR F

You do not have to be broke to declare bankruptcy according to the uniform bankruptcy law…?

A

TRUE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
T OR F The post office was formally an independent agency but today is a cabinet department...?
FALSE The post office was formally a cabinet department but today is an independent agency
26
What does the postal rate commission do?
oversee offices and set fair rates
27
What does the postal rate commission threaten us with?
- Close small post offices | - no Saturday mail
28
What is the purpose of the department of commerce?
To promote American economic development by encouraging free enterprise
29
What are five agencies that directly belong to the department of commerce?
- Martine Administration - National oceanic and atmospheric administration - Patent and trademark office - Bureau of the census - US travel service
30
What do you things does the Martine Administration do?
- fines businesses for American shipping | - operates merchant martine Academy
31
What three things does the national oceanic and atmospheric administration do?
- predict the weather - Map the oceans - Monitor air and water pollution
32
What is the purpose of the US travel service?
encourage American travel by foreigner
33
What are two agencies that belong in directly to the department of commerce?
- small business administration\SBA | - Federal emergency management Agency\FEMA
34
What is the purpose of the federal emergency management agency\FEMA?
it’s purpose is to deal with disasters such as hurricanes and tornadoes and earthquakes
35
What is the purpose of the department of labor?
it was created to protect workers
36
What are the four agencies that belong to the department of labor?
- employment and training administration - occupational safety and health administration\OSHA - employment standards administration - bureau of labor statistics
37
What do you things does the employment and training administration do under the department of labor?
- provide job training for unemployed | - run unemployment insurance service
38
What does the occupational safety and health administration\OSHA do under the department of labor?
protect workers from being injured
39
What does the employment standards administration do under the department of labor?
minimum wage, overtime, and equal pay
40
What is the most important department cabinet?
The department of agriculture\USDA
41
What was/is the purpose of the Department of Agriculture\USDA?
- it was originally created to help agriculture\farmers produce more food - today it improves farm technology and deals with food shortages and surpluses
42
What are three devices used to help farmers under the USDA?
- acreage allotments - marketing quotas - Price supports
43
Explain acreage allotment...?
the USDA estimates probable demand for stable crops and farmers are assigned to a specific number of acres that grow there crop they estimate probable demand by taking the price of the last five years in between supply and demand off of this by telling farmers how much to produce.
44
Name some examples of staple crops…?
Cotton, peanuts, rice, tobacco, and wheat
45
T OR F Marketing Quotas only occur if there is a shortage?
FALSE Marketing Quotas only occur is there is a surplus... if there is a surplus, farmers can vote to sell quotas and withhold parts of their crop
46
What is it called when farmers over produce?
bumper crop
47
What is giving someone more for something?
subsidy
48
What is the ratio between the prices farmers receive your products and the cost of production?
parity
49
T OR F Subsidy is based on parity?
TRUE
50
Explain what a parity means...?
The government wants to guarantee farmers the same living standard today as they did in 1910 to 1914
51
Explain the loan program...?
The government estimates the value of the crop. They then give the farmers that money as a loan. They then take the crop and store it, eventually they sell it. - If the price is higher than when the government took it, the farmer gives the loan back to the bank and gets the higher price - If the price is lower than when the government took it, the farmer keeps the loan and the government picks up the difference
52
What are the four agencies used by the USDA?
- Farmers home administration\FHA - Marketing and transportation service - Food and consumer service - Forest service
53
Who provides low interest loans for farmers?
Farmers home administration\FHA
54
Who is standardizes in grades farm products?
The marketing and transportation service
55
Who is responsible for the national school lunch program and the family nutrition program\food stamps?
The food and consumer services
56
Who manages all national forest in grasslands in the country and allows timber cutting in the national forest?
The forest service
57
Why was the department of energy first created?
it was created in 1977 as a result of OPEC
58
What are two agencies that are tied directly to the department of energy?
- economic regulatory administration | - Federal energy regulatory commission
59
Who operates power administration in the west?
The federal energy regulatory commission
60
Who regulates all oil prices, allocations, and imports?
Economic regulatory administration
61
T OR F Economic regulatory ministration doesn’t do everything it claims because OPEC is independent so they only have control over imports and not the other two?
FALSE Economic regulatory ministration doesn’t do everything it claims because OPEC is independent so they only have control over ALLOCATIONS and not the other two?
62
What are the two agencies directly tied to the department of energy?
- economic regulatory administration | - The federal energy regulatory commission
63
What are two agencies that are loosely tied to the department of energy?
- The nuclear regulatory commission | - The Tennessee Valley Authority\TVA
64
Who license the building in operating of nuclear reactors?
nuclear regulatory commission
65
What two things does the Tennessee Valley Authority do?
- operate the power Authority throughout the Tennessee River Valley - The price the TV charges for electricity service as a guideline for electric prices in the country… It sets the standard price
66
What two things does the department of the interior do?
- manage roughly 500,000,000 acres of federal land | - known as the custodian of the nations natural resources
67
What is another name for the department of the interior?
custodian of the nations natural resources
68
What are the three agencies directly related to the department of the interior?
- the US Fish and Wildlife Service - The bureau of the minds - The Bureau of land management
69
Who encourages private companies to develop their mineral resources?
The bureau of the minds
70
Who is responsible for 450 million of the 500,000,000 acres of land that is mostly located in Alaska in the far west?
The Bureau of land management
71
What is the most important function of the department of state?
to promote the long reigned security of the US
72
What are two agencies directly tied to the department of state?
- The Bureau of economic and business affairs | - The agency for international development
73
Who promotes the sale of American products abroad?
The Bureau of economic and business affairs
74
What three things does the agency for international development do?
- they manage all non-military foreign aid programs such as nutrition and population planning - it is there so we can maintain military bases on foreign soil - 90% of all foreign aid money is used to buy American products
75
What two agencies are directly tied to the department of transportation\DOT?
- The federal highway administration | - The urban mass transit
76
Who inspects it maintains over 1,000,000 miles of roads?
The federal highway administration
77
Who provides money to the government to finance projects?
The urban mass transit
78
What two things does the department of housing and urban development\HUD do?
- Provide assistance to American | - contractors doing business with HUD you must not discriminate
79
What is the agency that is most concerned with people?
The department of health and human services\HHS
80
What agency is directly tied to the department of health and human services\HHS?
The Social Security administration
81
What is the largest cabinet department?
The department of defense
82
What cabinet department buys and employees more individuals than any other department?
The department of defense

Gross - US Government (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2025 Bold Learning Solutions. Terms and Conditions