economics review

Question 1

capitalism?

Answer 1

an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state

Question 2

american economy part 1?

Answer 2

1900s the american economy while not a pure market economy was very close. There was virtually lttle to no government regulation leaving it prone to

• income disparity
• monopolies
• labor tampering

Question 3

american economy part 2?

Answer 3

the great depression period of unprecedented and unchecked prosperity and with it a false sense of security. Many Americans had overextended their credit and were living beyond their means

Question 4

4 stages of the business cycle?

Answer 4

1-prosperity
2-recession
3-recovery
4-depression

Question 5

Keynesian economics?

Answer 5

• demand side of economics
• regulation of the business cycle-government intervention
• john Maynard Keynes
• 1930s

Question 6

neo-conservatism?

Answer 6

supply side economics

• cuts government spending (individualism)
• too much government spending leads to debt and reduces individual incentive.
• a reaction to Keynesian economics

Question 7

3 components of obamanomics?

Answer 7

1-government bailouts
2- Healthcare (Obamacare)
3-economic stimulus package

Question 8

Canada pre 1930s?

Answer 8

• non-interventionist

- mini roaring 20’s

Question 9

Canada 1930’s?

Answer 9

• great depression
• 25% unemployment
• work camps/building projects
• bank of Canada

Question 10

Canada 1940’s?

Answer 10

• unemployment insurance act
• national housing act
• establish of government intervention and welfare state

Question 11

Canada post wwll? 1960-1975

Answer 11

• medical care act
• Canada pension act
• petro Canada crown corporation

Question 12

Canada 1990’s?

Answer 12

claw back

• EI cuts
• end of family allowance
• petro Canada privatization
• federal health care cuts

Question 13

Canada 2000’s?

Answer 13

• reduced Gst from 7% to 5%

- lowered taxes

Question 14

socialism?

Answer 14

a political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole

Question 15

robber baron?

Answer 15

is a derogatory metaphor of social criticism originally applied to certain late 19th-century American businessmen who were accused of using unscrupulous methods to get rich, or expand their wealth.

Question 16

new deal?

Answer 16

a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1936. It responded to needs for relief, reform, and recovery from the Great Depression

Question 17

monetary policy?

Answer 17

a country that controls either the interest rate payable on very short-term borrowing or the money supply, often targeting inflation or the interest rate to ensure price stability and general trust in the currency.