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Texas Gov. > Exam 2 > Flashcards

Exam 2 Flashcards

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1
Q

What are the goals of economic policy

A

Maintaining law and order; facilitating markets; facilitating commerce through the provision of public goods such as roads and education

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2
Q

What are economic policy tools

A

Fiscal policy and monetary policy

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3
Q

What is fiscal policy

A

Government taxing and spending

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4
Q

What is monetary policy

A

Particularly interest rates and the federal reserve’s discount rate (the rate at which it loans money to banks)

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5
Q

What followed the onset of the Depression in 1929

A

Smoot-Harley tariff and federal reserve raised interest rates

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6
Q

What resulted from the federal reserve raising interest rates

A

Banks were less likely to lend money to businesses

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7
Q

In a market economy what is the ultimate source of employment

A

Spending

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8
Q

John Maynard Keynes argued that there are two types of spending

A

Consumer spending and business spending

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9
Q

consumer spending

A

Does not typically shift radically unless consumer income changes

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10
Q

Business spending for investment

A

Depends on the business owner’ expectations of future sales

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11
Q

How are recessions and depressions started

A

Brought about because the economy is not spending enough to create high levels of employment or income

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12
Q

How did the Greet Crash of 1929 effect the business community

A

Business owners canceled their plans for expansion and inventory in the face of deep and growing concern about the future

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13
Q

What happened to the workforce as businesses stopped investing

A

Unemployment, workers were fired, received lower wages, resulting in a decrease consumer demand (also called the multiplier effect)

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14
Q

What happened with Bear Stearns

A

Disaster barely averted in March 2008, fed assumed $30 billion in liabilities and sold to Chase

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15
Q

What happened to Frannie Mae and Freddie Mac

A

Treasury took over in September 2008

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16
Q

When did Lehman Brothers declare bankruptcy

A

September 15 2008

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17
Q

When did the bailout of AIG occur and how much did it cost

A

September 16 and $80 billion

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18
Q

What happened September 18

A

3 page $700 billion proposal allowing the Gov to buy “toxic” bank assets

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19
Q

What is moral hazard

A

When a company knows that it is likely to be bailed out and becomes more likely to engage in risky behavior; become intertwined with other large companies and may be viewed as too big to fail

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20
Q

Federal responses in 2008

A

TARP, low interest rates, the Stimulus

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21
Q

What is TARP

A

$700 billion intended to purchase troubled assets; used to bailout financial institutions and auto makers

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22
Q

What is the Stimulus

A

$787 billion in tax cuts, extensions of unemployment benefits, money for state and local governments to cover budget shortfalls, infrastructure projects

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23
Q

What is sales tax

A

Taxes charges on the sale of designated goods, general sales tax is 6.25, localities may charge up to an additional 2%

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24
Q

In 2008 how much money did Texas spend to fill a gap in the budget

A

$3.3 billion

25
Q

In 2010-2011 how much money did Texas spend to fill a gap in the budget

A

$6.4 billion

26
Q

What year did Plessy vs. Ferguson happen

A

1896

27
Q

What year did Brown v Board happen

A

1954

28
Q

What year did Loving v Virginia happen

A

1967

29
Q

What year did Roe v Wade happen

A

1973

30
Q

What year did US v Windsor happen

A

2013

31
Q

Around how many cases are filed in state courts every year

A

100 million

32
Q

Who resolves the vast majority of legal disputes in the US

A

State courts

33
Q

What is a trial court

A

An empty slate

34
Q

What is the order of the courts

A

Justice courts, municipal courts, county level courts, and state district courts

35
Q

What doesn’t an Appellate court do

A

Does not decide issues of guilt or innocence or ensure that trials were conducted perfectly

36
Q

What does an appeal argue

A

Argues that prejudicial legal errors were made in the original trial

37
Q

What cases do the courts of last resort hear

A

Hear appeals from the intermediate appellate courts

38
Q

Who had final appellate jurisdiction in civil cases

A

Texas Supreme Court

39
Q

Who has final appellate jurisdiction in criminal cases

A

Texas court of criminal appeals

40
Q

Under the US Constitution who appoints all federal judges

A

The president with the advice and consent of the senate

41
Q

How do State high court judges get their jobs

A

Appointment by governor or by governor with the advice of a committee

42
Q

How many states require state Supreme Court judges to go through retention elections

A

17 states

43
Q

How is New Mexico different when appointment state judges

A

Judges are appointed then run in contested elections and then run in retention elections

44
Q

How many states have non-partisan elections

A

14 states

45
Q

How many states have partisan elections

A

7

46
Q

What are ideal court functions

A

Rely on statutes, case precedent, constitutional law, and the facts of the case; judicial review

47
Q

What is judicial review

A

The power of the courts to declare actions of the legislative and executive branches invalid or unconstitutional

48
Q

How much of the state budget is used on Medicaid

A

23-25%

49
Q

What was included in the Medicaid Expansion (PPACA)

A

Would cover all people with incomes up to 138% of the federal poverty line, gov would cover newly eligible beneficiaries for 3 years, after 2020 gov would cover 90% of expansion, if states choose not to participate they lose all their funding

50
Q

what was the verdict in South Dakota v. Dole

A

upheld national min drinking age

51
Q

What was the Supreme Court’s decision on Medicaid

A

states must decide freely whether to participate; cooperative programs are contractual; ACA changes were a new program with new goals

52
Q

What are the types of health insurance in the US

A

employer sponsored health insurance, medicare, medicaid and CHIP

53
Q

when did employer sponsored health insurance become a thing

A

during WW2

54
Q

which health insurance plan is a national program

A

medicare

55
Q

which health insurance plan is a grant-in-aid program

A

medicaid

56
Q

what are three characteristics of Obamacare

A

employer mandate; medicaid expansion; state-based exchanges for those outside of the employer sponsored system

57
Q

what constraints were put on insurers

A

insurers may no longer decline coverage based on a pre-existing condition, may not drop coverage once someone becomes ill

58
Q

how long can young adults stay on parents health insurance

A

26

Texas Gov. (4 decks)

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