unit test chapter 6 and 7

Question 1

house members

Answer 1

435

Question 2

term of office house

Answer 2

2

Question 3

Granville district

Answer 3

12

Question 4

house memebers from ohio

Answer 4

15

Question 5

senators in each state

Answer 5

2

Question 6

membership senate

Answer 6

100

Question 7

senate office term

Answer 7

6

Question 8

pop of world

Answer 8

8 billion

Question 9

pop of state

Answer 9

12 million

Question 10

pop of US

Answer 10

345 million

Question 11

monetary policy (book def)

Answer 11

when the government alters the amount of money in circulation and the interest rates at which money Is borrowed, it is creating “ “

Question 12

customs duty

Answer 12

a tax on items brought into this country from abroad

Question 13

Excise tax

Answer 13

a govt tax on items like gasoline, alcohol, and tobacco

Question 13

fiscal policy (book def)

Answer 13

by creating the federal budget and tax laws, congress and the president are making a “ “ for the US

Question 14

fiscal policy (notes def how it works)

Answer 14

slow! made by the president and Congress.
taxes up and spending down slow down economy
taxes down and spending up speed up economy

Question 15

inflation

Answer 15

the rise in prices for goods and services
happens when people have more money to spend, prices go up

Question 16

recession

Answer 16

2 straight quarters of negative economic growth

Question 17

depression

Answer 17

prolonged negative growth combined with massive unemployment

Question 18

monetary policy (notes how it works)

Answer 18

fast
made by experts in the federal reserve (not elected)

Question 19

budget deficit

Answer 19

when fiscal policy fails
yearly
tax revenue is less than spending

Question 20

debt

Answer 20

36 1/2 trillion dollars of debt
total of all budget deficits

Question 21

random debt facts

Answer 21

2001 was the last time we weren’t in debt
spike in 08 and 09
covid large spike of debt
we cannot balance the budget
Clinton was the last to do it in 1990

Question 22

savings account for investors

Answer 22

can be anywhere between 3 months and 10 years
interest rates are small but you are guaranteed to get your money back because the government is reliable.

Question 23

oil facts

Answer 23

USA- 5% of global population 25% of oil consuption
OPEC- 15 countries, 40% of global oil production (cartel!)
US became oil dependent in 2019
produce more oil than anyone but 6th in exports
Canada supplies most oil

Question 23

Government spending

Answer 23

6%net interest (will grow overtime because more and more in debt) *medicare/ social security* *military* other spending is 29%

Question 24

3 reasons why gas prices go up

Answer 24

increased demand/ decreased supply transportation costs and regulation political unrest (oil stays in ground if war)

Question 25

why gas so low before covid

Answer 25

1- supply up in USA (gulf of Mexico, fracking, West Texas) 2- OPEC kept production steady, cant dial down pumps 3- few recent gulf hurricanes

Question 26

federal reserve stuff (raising and lowering stuff)

Answer 26

closest thing to national bank, very powerful 1. interest rates (if up slows economy, people don't want to buy, if down speeds up economy) 2. Reserve requirement (if lowered, 5 million in bank now need 2 million, 3 million into economy, speeds up economy. if raised, slows economy) 3. open market operation (?)

Question 27

Jerome Powell

Answer 27

chairman- 4 year term appointment by POTUS, senate confirmation very powerful, controls interest rates, someone has to do unpopular things

Question 28

money wave thing facts

Answer 28

federal reserve wants less drama (smoother wiggles) if shoots up bad it will shoot down, can also cause inflation

Question 29

real growth

Answer 29

=growth of GDP- inflation (growth domestic product)

Question 30

voting and economic random 3 facts

Answer 30

-old people vote -people spend more than they save -banks are businesses7

Question 31

congressional budget office (CBO)

Answer 31

nonpartisan federal agency within the legislative branch of the government that provides economic data to Congress Both OMB and CBO are experts

Question 32

office of management and budget (OMB)

Answer 32

president has the OMB, same job, advice (?) Both OMB and CBO are experts

Question 33

Federal Revanue

Answer 33

$4.9 trillion 54% of money comes from income tax 30% is a payroll tax

Question 34

Payroll tax

Answer 34

I pay 7%, work pays 7%, goes to government social security

Question 35

social security

Answer 35

----- working people pay \ / -- old people get money future... --- / \ ------

Question 36

regressive tax system

Answer 36

payroll/social security why-> great depression, safety net, old people wont die in streets problems-> funnel

Question 37

progressive tax system

Answer 37

income tax tax the rich? US doesn't have very high taxes comparatively but countries that do pay for college and healthcare more

Question 38

customs duty

Answer 38

a tax on items brought into this country from abroad

Question 39

tariff

Answer 39

a tax on goods and services imported from other countries that increases the price and makes imports less desirable, or at least less competitive, with domestic goods and services

Question 40

Judicial powers of the president

Answer 40

reprieve pardon commutation

Question 41

if president and Congress wanted to encourage growth what would they do

Answer 41

lower taxes increase spending