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50 Cards in this Set
- Front
- Back
Congress passed the Troubled Asset Relief Program (your textbook is incorrect when it says "Temporary" instead of "Troubled") to speed recovery from the poor economic conditions in the United States resulting from
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the sub-prime mortgage crisis in the 2000's.
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The _________________ Act of 2009 was designed to create jobs and cut taxes through deficit spending.
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American Recovery and Reinvestment
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Which of the following would be the most likely to occur in a mixed free-enterprise system?
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A bidding war between two cable companies to offer the lowest price
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During our nation's first century, most private economic regulation was done by the
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states
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The doctrine of ________ opposes government involvement in the economy.
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laissez-faire
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The first major government effort to regulate business occurred following
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the growth of railroads
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In 1887, Congress adopted the Interstate Commerce Act, which was designed to
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regulate railroads
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Which of the following is MOST relevant to the growing concern over the prevalence of media conglomerates?
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the Sherman anit-trust Act
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In 1890, Congress passed the ________, a law designed to prohibit monopolies.
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the Sheman Anti-Trust Act
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Congress passed the Federal Reserve Act in 1913 to
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regulate the national banking system and provide flexibility to the money supply.
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The first major effort by the national government to protect consumers involved
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meatpacking
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When President George W. Bush signed the Economic Stimulus Act of 2008, he was practicing the doctrine of
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interventionism
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The program instituted by President Franklin D. Roosevelt to overcome the Great Depression was the
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New Deal
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The rights of labor to organize and bargain collectively come from the
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Wagner Act
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During the New Deal, Congress established or enacted all of the following EXCEPT the
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Shipping Standards Act
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The Fair Labor Standard Act of 1938 established
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A federal mininum wage
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________ established the legitimacy and viability of national governmental intervention in the economy.
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The New Deal
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Which of the following was NOT a factor that contributed to the surge of social regulation in the late 1960s and early 1970s?
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Business became much greedier, thus prompting a backlash
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Before ____________________ a person in a small town would have had a better chance of living close to a commercial airport.
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deregulation
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Which of the following organizations would be most supportive of an expansion of free trade?
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general Motors
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Many people believe that it is necessary to set up ____________ to protect the U.S. from overseas competition.
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A protectionist system
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Workers earned their highest minimum wage during the _________ administration.
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Gerald Ford
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China's emergence as a major economic power has created all of the following EXCEPT
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an increasingly capitalist society.
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___________________ is one of the two policy areas in which the government spends most of its money.
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Purchasing military weaponry
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If the president wanted to decrease defense spending and increase monetary aid to victims of natural disaster, which one of the following groups would be MOST likely to balance the new distribution of spending?
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The Office of Management and Budget
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Which of the following are likely reasons for the government to be running a deficit?
I. Military invasions II. Budget cuts III. Economic recession IV. Tax cuts |
1,3,4
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All of the following are reforms encouraged by Federal Reserve Board Chairman Ben Bernanke EXCEPT
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the creation of one national bank to limit bank failures.
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All of the following scenarios would be affected by income security EXCEPT
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a college student's decision to take summer classes and not take a job.
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Which of the following are components of the Social Security Act of 1935?
I. Old-age insurance II. Unemployment insurance III. Workers' compensation IV. Increased tax refunds |
1 & 2
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All of the following are examples of entitlement programs EXCEPT
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public housing
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How many Americans benefit from Social Security (OASDI)?
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between 50 and 55 million
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The current debate over raising the retirement age affects which of the following programs?
I. Medicaid II. Social Security III. Veterans' disability benefits IV. Temporary Assistance for Needy Families |
2
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The costs of Social Security
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are expected to exceed revenues around 2015 or shortly thereafter.
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Unemployment insurance payments
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vary dramatically by state.
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The unemployment rate in 2010 was
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around 10%
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Which of the following is/are true about Supplemental Security Income?
I. It is non-means tested. II. Primary funding is provided by the states. III. Coverage includes needy people who are permanently disabled. IV. Beneficiaries can only have limited income. |
3&4
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Which of the following states had an unemployment rate greater than 10 percent in 2010?
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Tennessee
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What do the Great Society, the New Deal, and the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 have in common?
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They all indicate major shifts in social policy.
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All of the following are features of TANF EXCEPT
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single, pregnant women must work through the ninth month of pregnancy.
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The Earned Income Tax Credit and Supplementary Security Income have what in common?
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Benefits are only distributed to those who earn less than a pre-determined income amount
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The initial purpose of the food stamp program was to
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expand domestic markets for farm commodities
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Which of the following can be purchased using food stamps in Alaska?
I. Prepared hot foods sold in stores II. Vitamins III. Herb seeds IV. Candy |
3&4
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All of the following indicate that 2008 marked the beginning of a period of economic instability in the U.S. economy EXCEPT
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high voter turnout
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The $700 billion bailout
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failed to pass Congress the first time, but succeeded the second
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One justification given for economic stimulus payments to Americans in 2008 was that the government has a responsibility to prevent economic downturns. This is an example of the philosophy of _________________.
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interventionism
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Which of the following are arguments against economic stimulus payments?
I. Deficit spending has serious future ramifications. II. Stimulus payments send a powerful message to consumers, businesses, and investors. III. Government cannot control how stimulus payments are used. IV. The government has a responsibility to prevent economic downturns. |
1&3
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____________________ is a similar action to deficit spending.
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Using a credit card
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Which of the following policy areas appeared to be given the most priority in allocating funds for the Recovery Act?
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tax cuts
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Which of the following is NOT a method used by the Republican Party to fix the economic downturn in early 2008?
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Implementing a Keynesian deficit spending approach
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Conservative scholars credit the _______ for creating the economic growth that stalled a rise in unemployment in 2010.
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TARP Program
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