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

Chapter 4: Making Evonomic Policy Part B Flashcards

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1
Q

What are the governments six formal economic powers?

A
  • taxing
  • borrowing
  • spending
  • regulating the value of money
  • Interstate commerce
  • foreign commerce
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2
Q

What is trade between states?

A

Interstate commerce

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3
Q

what is trade with in the states?

A

intrastate commerce

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4
Q

What regulated railroads including transportation as well as rates?

A

Interstate commerce act 1887

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5
Q

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

A

The interstate commerce act wasn’t enforced for 17 years

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6
Q

What law forced railroads to obey the interstate commerce act?

A

Northern securities case 1904

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7
Q

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

A

Sherman antitrust act 1890

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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

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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

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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.

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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

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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

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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

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14
Q

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

A

cartel

ex: OPEC

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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)

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16
Q

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

A

dumping

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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
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18
Q

Pattens protect what?

A

Machines

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19
Q

Copyrights protect what?

A

books and music

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20
Q

Trademarks protect what?

A

logos

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21
Q

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

A

patent

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22
Q

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

A

royalty

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23
Q

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

A

uniform bankruptcy law

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24
Q

T OR F

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

A

TRUE

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25
Q

T OR F

The post office was formally an independent agency but today is a cabinet department…?

A

FALSE

The post office was formally a cabinet department but today is an independent agency

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26
Q

What does the postal rate commission do?

A

oversee offices and set fair rates

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27
Q

What does the postal rate commission threaten us with?

A
  • Close small post offices

- no Saturday mail

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28
Q

What is the purpose of the department of commerce?

A

To promote American economic development by encouraging free enterprise

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29
Q

What are five agencies that directly belong to the department of commerce?

A
  • Martine Administration
  • National oceanic and atmospheric administration
  • Patent and trademark office
  • Bureau of the census
  • US travel service
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30
Q

What do you things does the Martine Administration do?

A
  • fines businesses for American shipping

- operates merchant martine Academy

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31
Q

What three things does the national oceanic and atmospheric administration do?

A
  • predict the weather
  • Map the oceans
  • Monitor air and water pollution
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32
Q

What is the purpose of the US travel service?

A

encourage American travel by foreigner

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33
Q

What are two agencies that belong in directly to the department of commerce?

A
  • small business administration\SBA

- Federal emergency management Agency\FEMA

34
Q

What is the purpose of the federal emergency management agency\FEMA?

A

it’s purpose is to deal with disasters such as hurricanes and tornadoes and earthquakes

35
Q

What is the purpose of the department of labor?

A

it was created to protect workers

36
Q

What are the four agencies that belong to the department of labor?

A
  • employment and training administration
  • occupational safety and health administration\OSHA
  • employment standards administration
  • bureau of labor statistics
37
Q

What do you things does the employment and training administration do under the department of labor?

A
  • provide job training for unemployed

- run unemployment insurance service

38
Q

What does the occupational safety and health administration\OSHA do under the department of labor?

A

protect workers from being injured

39
Q

What does the employment standards administration do under the department of labor?

A

minimum wage, overtime, and equal pay

40
Q

What is the most important department cabinet?

A

The department of agriculture\USDA

41
Q

What was/is the purpose of the Department of Agriculture\USDA?

A
  • it was originally created to help agriculture\farmers produce more food
  • today it improves farm technology and deals with food shortages and surpluses
42
Q

What are three devices used to help farmers under the USDA?

A
  • acreage allotments
  • marketing quotas
  • Price supports
43
Q

Explain acreage allotment…?

A

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
Q

Name some examples of staple crops…?

A

Cotton, peanuts, rice, tobacco, and wheat

45
Q

T OR F

Marketing Quotas only occur if there is a shortage?

A

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
Q

What is it called when farmers over produce?

A

bumper crop

47
Q

What is giving someone more for something?

A

subsidy

48
Q

What is the ratio between the prices farmers receive your products and the cost of production?

A

parity

49
Q

T OR F

Subsidy is based on parity?

A

TRUE

50
Q

Explain what a parity means…?

A

The government wants to guarantee farmers the same living standard today as they did in 1910 to 1914

51
Q

Explain the loan program…?

A

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
Q

What are the four agencies used by the USDA?

A
  • Farmers home administration\FHA
  • Marketing and transportation service
  • Food and consumer service
  • Forest service
53
Q

Who provides low interest loans for farmers?

A

Farmers home administration\FHA

54
Q

Who is standardizes in grades farm products?

A

The marketing and transportation service

55
Q

Who is responsible for the national school lunch program and the family nutrition program\food stamps?

A

The food and consumer services

56
Q

Who manages all national forest in grasslands in the country and allows timber cutting in the national forest?

A

The forest service

57
Q

Why was the department of energy first created?

A

it was created in 1977 as a result of OPEC

58
Q

What are two agencies that are tied directly to the department of energy?

A
  • economic regulatory administration

- Federal energy regulatory commission

59
Q

Who operates power administration in the west?

A

The federal energy regulatory commission

60
Q

Who regulates all oil prices, allocations, and imports?

A

Economic regulatory administration

61
Q

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?

A

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
Q

What are the two agencies directly tied to the department of energy?

A
  • economic regulatory administration

- The federal energy regulatory commission

63
Q

What are two agencies that are loosely tied to the department of energy?

A
  • The nuclear regulatory commission

- The Tennessee Valley Authority\TVA

64
Q

Who license the building in operating of nuclear reactors?

A

nuclear regulatory commission

65
Q

What two things does the Tennessee Valley Authority do?

A
  • 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
Q

What two things does the department of the interior do?

A
  • manage roughly 500,000,000 acres of federal land

- known as the custodian of the nations natural resources

67
Q

What is another name for the department of the interior?

A

custodian of the nations natural resources

68
Q

What are the three agencies directly related to the department of the interior?

A
  • the US Fish and Wildlife Service
  • The bureau of the minds
  • The Bureau of land management
69
Q

Who encourages private companies to develop their mineral resources?

A

The bureau of the minds

70
Q

Who is responsible for 450 million of the 500,000,000 acres of land that is mostly located in Alaska in the far west?

A

The Bureau of land management

71
Q

What is the most important function of the department of state?

A

to promote the long reigned security of the US

72
Q

What are two agencies directly tied to the department of state?

A
  • The Bureau of economic and business affairs

- The agency for international development

73
Q

Who promotes the sale of American products abroad?

A

The Bureau of economic and business affairs

74
Q

What three things does the agency for international development do?

A
  • 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
Q

What two agencies are directly tied to the department of transportation\DOT?

A
  • The federal highway administration

- The urban mass transit

76
Q

Who inspects it maintains over 1,000,000 miles of roads?

A

The federal highway administration

77
Q

Who provides money to the government to finance projects?

A

The urban mass transit

78
Q

What two things does the department of housing and urban development\HUD do?

A
  • Provide assistance to American

- contractors doing business with HUD you must not discriminate

79
Q

What is the agency that is most concerned with people?

A

The department of health and human services\HHS

80
Q

What agency is directly tied to the department of health and human services\HHS?

A

The Social Security administration

81
Q

What is the largest cabinet department?

A

The department of defense

82
Q

What cabinet department buys and employees more individuals than any other department?

A

The department of defense

Gross - US Government (5 decks)

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