Module 3 Flashcards
The founding fathers took their view of separation of powers from a man named
Montesquieu
Public goods are both ____________ and _____________
Non-rivalrous
Non-exclusive
If two people make a deal and it creates a cost for a third person, that cost is _________
Externality
Idea is good if it makes at least one person better off and no one worse off
Pareto Optimality
Legislative has two parts
Congress
- Senate
- House of Representatives
Executive has two parts
President
- Vice President
- Cabinet
Judicial has two parts
Supreme Court
Other federal courts
How many members in House of Representatives?
435
How long are terms of House of Representatives
2 year
How many members in Senate
100
2 from each state
How long are terms for senate
6 year
Laws must pass both houses with a majority of the votes present of the quorum?
True
Can a president not sign a law? If so can congress bypass the president?
Yes, it’s a veto
Yes both houses must pass again with 2/3 majority
Presidents must sign or veto the entire bill?
True. No line item vetoes
What is the only court that is required to exist from the constitution?
Supreme Court
What is non-rivalrous?
One person consuming the good doesn’t diminish the good in any way for another person
What is non-exclusive
Once we provide it, everyone gets it
Monopsony
One buyer if a good
Ex. Single factory in a small town where everyone is employed. Can demand hard working conditions with low pay
