Ch 16-18 test

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Medicare

A national health insurance program for the elderly and disabled

Medicaid

A federal program that provides medical benefits for low income people

Bush doctrine

A policy adopted by the Bush administration in 2001 that asserts Americas right to attack any nation that has weapons of mass destruction that may be used against US interests at home of abroad

Regulation

A precise statement of how a law is implemented

Inflation

A rise in general price level owing to an increase in the volume of money and credit in relation to available goals

Marshall plan

A stunning foreign policy success, particularly in helping the United States contain communism. Calling it "the most unsordid act in history"

Keynesian economics

An economic theory based on the principles of John Keynes stating that government spending should increase during business slumps and be curbed during booms

Trade deficits

An imbalance in international trade in which the value of imports exceeds the value of exports

World trade organization

An international organization with more than 130 members that seeks to encourage free trade by setting rules for fair competition

General agreement on tariffs and trade

An international trade agreement that seeks to lower the barriers to free trade

National security advisor

Appointed by the president, and has emerged as one of the most influential foreign policy makers, sometimes rivaling the Secretary of State in influence

Fiscal policy

Attempts to manage the economy by controlling taxing and spending, which affect inflation through lower taxes and less govt spending and unemployment through more govt spending

Address problems in the normal business cycle

Congress and the president use fiscal and monetary policy to?

National security council

Directly under the president and is intended to help integrate foreign, military, and economic policies that affect national policy

Corporate social responsibility

Efforts by corporations to improve their reputations by paying attention to their contributions to the social good.

Unemployment insurance, disaster relief, and disability programs

Examples of entitlement programs

Food stamps, head start, Medicaid, Medicare, supplemental security insurance, housing assistance

Examples of great society programs?

Medicaid and welfare

Examples of means tested programs

Corporate welfare

Favors industries such as agricultural and corporate bailouts to the financial industry

Expansion, contraction, recession, recovery

Four stages of business cycle

Raise quality of life and protect citizens against social an economic problems by creating a social net

Goals of social policy?

Monetary system

Government policy that attempts to manage the economy by controlling the amount of money in circulation through interest rates

Entitlement program

Program such as unemployment insurance, disaster relief, or disability payments that provides benefits to all eligible citizens

Social insurance

Programs in which eligibility is based on prior contributions to government, usually in the form of payroll taxes

Means tested entitlements

Programs such as Medicaid or welfare under which applicants must meet eligibility requirements based on need

Mandatory spending

Required spending under the federal budget

Laissez-faire economics

S theory that opposes governmental interference in economic affairs beyond what is necessary to protect life and property

Great society

Second major expansion of social policy. They dramatically increased the role of the federal govt in health, education, and welfare.

Normal trade relations

Trade status granted as part of an international trade policy that gives a nation the same favorable trade concessions and tariffs that the best trading partners receive

Joint chiefs of staff

Serves as the principal military advisor to the president, national security council, and the secretary of defense there's a twice-renewable two-year term of the chair

Federal fund rate

The amount of interest banks charge for loans to each other

Budget deficits

The condition that exists when the federal government raises less revenue than it spends

Earned income tax credit

The greatest contribution to helping low income workers in 1975. It reduced or completely eliminates all taxes for the working poor

Secretary of defense

The leader and chief executive officer of the department of defense, has power over the military but second to that of the president

Federal reserve system

The system created by congress in 1913 to establish banking practices and regulate currency in circulation and the amount of credit available. Consists of 12 regional banks.

Gross domestic product

The value of all goods and services produced by an economy during a specific period of time such as a year

Central Intelligence Agency

To gather and analyze information that flows into various parts of the US govt from all around the world. Most important intelligence agency.

Mutually assured destruction

Was enough to keep both nations from using their nuclear weapons, but kept each on constant alert just in case the other dared to act first. During the Cold War

Make sure the peaks of expansion and recovery aren't too high and troughs of contraction/recession aren't too low

What is the goal of economic policy today?

Northwest ordinance of 1785

When congress set aside land in every township for a public school

Down the hall in the west wing of the White House

Where are the national security councils offices located?

The president because the staff has been adapted its procedures to suit his personal preferences

Who does the national security council show loyalty to?


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