American Government Exam 4

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Keynesian economics

"DEMAND-SIDE ECONOMICS" -When the economy is in recession, the assumption is that demand needs to be bolstered -believe that raising taxes in not detrimental to the economy -sees saving and investment as having a detrimental impact on the economy- wants to discourage taking money out of the system.

Supply-side economics

"REAGANOMICS" -believe that raising taxes will destroy any hope of a recovery during a recession -claim that supply-side economics pulled the US out of a recession

How did the federal government contribute to the financial collapse of 2008?

"Still it is clear that the government played an important role in helping capitalism recover formats shortcomings" Subprime mortgage industry collapsed... and the federal government had to come to the rescue

What was the average loss of value for the American homeowner?

$110,000 per homeowner

How does "the fed" expand the money supply?

-The Fed controls the money supply through reserve requirements placed on banks and selling debt -U.S. uses a fractional reserve system -Only a percentage of the money on deposit with the bank is actually backed up by cash -The difference is loaned out -Decrease the fraction of the reserve that is required to be on hand and the money supply goes up

Which member of the cabinet works most closely with the president on foreign policy?

Department of State (executive branch)

GDP full name

Gross Domestic Product

What was the "cold war" and what two basic approaches did the US take?

NATO & Warsaw Pact fighting moved out of isolationism

What does GDP measure

National economic growth

Who fought the Inspector General in properly disbursing TARP funds?

Neil Barofsky

Which political group supported the Federal Reserve System

Progressives

What was the "Reagan Doctrine"?

Reagan returned to providing military assistance to opponents of communism

What is the purpose of the federal reserve system?

The Federal Reserve Bank system was created to control the money supply and encourage low unemployment rates

What is the Monroe Doctrine

The U.S. would not permit further colonization of the western hemisphere by European Powers

Gross Domestic Product:

The value of all the goods and services produced in a country is called

What role did private businesses play in the financial collapse of 2008?

They were pressured by the U.S. government to follow the policies of the government.

What is the full name for TARP?

Troubled Asset Relief Program

Which administration ultimately chose to bail out the investment bankers at the end of the real estate meltdown?

Troubled Asset Relief Program

Who were the Warsaw Pact nations

USSR & Eastern Europe

What did the Bretton Woods System (or agreement) allow?

created International Monertaty Fund

Marshall Plan

help rebuild Europe

Truman Doctrine

military and economic aid to nations that were resisting communist aggression

What is the Roosevelt Corollary?

the US would assure stability in Latin America "justified" american intervention in affairs of Latin American nations

defense policy

the policy that a nation follows in defending itself against its enemies

foreign policy

the policy that a nation follows in developing and maintaining its relationships with other nations


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