Final Review

Question 1

Growth of govt.

Answer 1

steachy drift of power from states to fed govt. with increasing involvement of the federal govt. in American life

Question 2

Reconstruction

Answer 2

After Civil war, 13, 14, 15 amendments made to free slaves. Afterwards looked at as a mistake by some.

Question 3

Market System

Answer 3

controlled by private business/ people. Advanced by Adam Smith.

Question 4

Command System

Answer 4

controlled by govt.

Question 5

“it is not from the benevolence of the butcher, the brewer, or the baker that w expect our dinner, but from their regard to their own interest”

-“The greater prospect of profit explains why “we are more industrious than our forefathers….Our ancestors were idle for want of a sufficient encouragement to industry. It is better, says the proverb, to play for nothing than to work for nothing.”

Answer 5

Adam Smith

Question 6

Equity

Answer 6

A goal for economic systems to distribute goods and rewards fairly.

Question 7

Efficiency

Answer 7

A goal for economic systems to produce the most goods for the most people

Question 8

Role of govt. in a True Market Economy

Answer 8

• Hold private property sacred
  
  • Actively protect private property from thieves and foreign threats
    
    • encourages investment rather than the “treasure-trove”
    • That’s why we have government, to protect private property.
  • Provide “public goods” that the profit motive will not encourage: (adam smith argued for this)
    
    • roads, bridges, other infrastructure
    • education, culture
  • Arbitrate disputes
  • Provide the medium of exchange (money)
  • In short, an indispensable role but a limited one

Question 9

Imperfect Information

Answer 9

Exchanges are made that are not beneficial because they are not based on good info

Question 10

Monopoly

Answer 10

Monopolist restricts exchange to rais price and profits.

Question 11

Public Goods

Answer 11

Goods consumed in common where consumption by one individual does not diminish the amount available to others. Consequently, individuals do not have an incentive to provide a public good.

Question 12

Externalities

Answer 12

Exchanges where some costs and benefits go to a third party not involved

Question 13

Economic Instability or Recession

Answer 13

Resources are left unused even though full employment/use of resources would be beneficial

Question 14

Economic Injustice

Answer 14

Winners and losers

Question 15

Alexander Stephens

Answer 15

Vice Pres of Confederates during Civil War, gave “Cornerstone Speech” that said that both sides were very opposite. Confeds didn’t see black as equal

Question 16

Conscription

Answer 16

Military drafts

Question 17

Impressment

Answer 17

The act or policy of seizing people or property for public service or use.

Question 18

Edmund Ruffin

Answer 18

Edmund Ruffin was a wealthy plantation owner and slaveholder, a Confederate soldier, and an 1850s political activist. He advocated states’ rights, secession, and slavery and was described by opponents as one of the Fire-Eaters

Question 19

Black Codes

Answer 19

Restricted Blacks (guns, curfews, put children into apprenticeships)

Question 20

William Lloyd Garrison,

Answer 20

1831: “I WILL BE HEARD!”
-Influenced by African-American abolitionists, embraced immediatism
-Long-term commitment to the cause despite persecution by the mobs in (of course) 1835, etc.
-Was very radical, but very perseverant in the cause. 35 years in the face of very discouraging odds.
(Said about the Const.= Garrison, “a covenant with death, and agreement with hell, “ a proslavery compact.”

Question 21

Adam Smith

Answer 21

• the pursuit of self-interest in capitalism is based on Rational behavior. Rational behavior is predictable. This person is going to react self interested and that’s what they will always do.
• Wrote the Wealth of Nations
• “Invisible Hand” Economy will regulate itself

Question 22

Mercantilism

Answer 22

Stockpile gold and silver, encourage exports, discourage imports

Question 23

Comparative Advantage

Answer 23

Economic principle in which producers specialize in the production of goods where they have lowest opportunity cost.

Question 24

J.P. Morgan

Answer 24

Financed the worlds first billion dollar corporation a steel company

Question 25

Huey Long

Answer 25

Populist, advocate for share our wealth

Question 26

FDIC

Answer 26

Long term part of New Deal: Insure bank account

Question 27

WPA

Answer 27

Short Term part of New Deal: Works Progress admin- gave people jobs

Question 28

The Four Freedom

Answer 28

Speech, worship, from want, from fear

Question 29

Brown Vs. Board

Answer 29

Desegregated schools in Topeka, Kansas

Question 30

Roe vs. Wade

Answer 30

Deemed abortion unconstitutional

Question 31

Alphabet Soup Agencies

Answer 31

All the agencies FDR created to get people jobs

Question 32

Alexis Tocqu….

Answer 32

said Americans will always be self interested