Who Runs the Show
Fill in the blanks: The United States federal government is broken into three __________. They are the _____________, _____________, and _____________.
The Unite States federal government is broken into three BRANCHES. They are the EXECUTIVE, JUDICIAL, and LEGISLATIVE.
A town wants to attract more businesses and jobs.
Question: Name one thing the local government could do to make the town more attractive to businesses.
Lower taxes, improve roads and public transportation invest in education, streamline permits, improve internet access, etc.
What are some different categories of factors that influence economic inequality? (100 points for each named)
Historical, Education and Employment, Wage Stagnation, and Tax Policy
What basic economic problem arises because resources are limited but human wants are unlimited?
Scarcity
What term describes the total value of goods and services produced within a country in a year?
Gross Domestic Product (GDP)
Which economist believed that during a recession, governments should increase spending to stimulate demand?
John Maynard Keynes
What type of democracy does the United States have? Explain what your answer means.
The United States has a representative democracy, where citizens elect officials to make decisions and pass laws on their behalf.
Gasoline prices suddenly double.
Question: Name two groups that would likely be affected and explain how.
Consumers, trucking companies, airlines, local businesses, governments, etc.
What is it called when worker's pay does not increase even as the economy grows?
Wage Stagnation
What is the cost of the next best alternative that is given up when a decision is made?
Opportunity Cost
What economic condition is characterized by rising prices and reduced purchasing power?
Inflation
Which early U.S. document failed to create a strong central government and was replaced by the Constitution in 1787?
The Articles of Confederation
Name as many forms of government as you can. (Think about who holds power and how decisions are made.) (100 points each)
Democracy, Representative Democracy, Republic, Monarchy, Absolute Monarchy, Constitutional Monarchy, Dictatorship, Authoritarianism, Totalitarianism, Oligarchy, Theocracy, Anarchy, Communism, Socialism, Federalism, Confederation, etc.
You are given $10 million to improve life in your state
Question: What are two things you would spend it on, and why?
Infrastructure, schools, healthcare, housing, environmental protection, public transportation, etc.
Name the three common TYPES of taxes (not specific taxes eg. excise tax), and briefly explain what is the primary characteristic of each type (100 points each)
Progressive Tax: The tax rate increases as income/wealth increases
Regressive Tax: The tax rate takes a larger percentage from the poor and less from the wealthy
Flat Tax: Everyone pays the same percentage
What economic pattern includes periods of expansion, peak, contraction, and troughs?
The Business Cycle
Name as many Social Sciences as you can. (50 points each)
Sociology, Political Science, Economics, Anthropology, Psychology, Human Geography, History, Linguistics, Archaeology, etc.
Who believed that people acting in their own self-interest would unintentionally benefit society?
Bonus: What is this principle called? (100pts)
Adam Smith
Invisible Hand
Which branch of government are Jared Golden and Susan Collins part of?
Bonus: What is each of their respective positions? (100 pts each)
The Legislative Branch
You are designing a brand-new country.
Question: Choose three ideas, policies, or systems from this year's course that you would include in your government or economy.
Possible Answers: Checks and balances, free markets, environmental regulations, federalism, social safety nets, voting rights protections, etc.
What is it called when certain groups have less representation in government due to the practice of drawing electoral districts unfairly?
Gerrymandering
What phenomena, explained by John Maynard Keynes, shows how one dollar of government spending can generate more than one dollar in economic activity?
The Multiplier Effect
What landmark U.S. legislation aimed to reduce the effects of the Great Depression, and who developed the plan?
The New Deal, Franklin Delano Roosevelt
Define the term "social contract" as used by John Locke in his political philosophy.
An agreement between people and a central authority in which people consent to be governed in exchange for protection of their natural rights
What are three powers that the Constitution gives Congress related to foreign policy?
Funding the federal government
Declaring war
Regulating foreign commerce
Approving nominations of cabinet members, officers, and ambassadors
Approving Treaties
Raising and Supporting Armies
A recession begins tomorrow.
Question: Create a three-step plan for how the government should respond.
Fiscal stimulus, infrastructure spending, tax cuts, unemployment benefits, monetary policy, etc.
Name a SPECIFIC example representative of EACH of the four aforementioned economic inequality factors (100 for each named)
(500 total if you get all four categories correct)
Historical: eg - redlining, slavery, discrimination
Education and Employment: eg - inadequate and inequitable education spending, access to education loans
Wage Stagnation: eg - productivity up, pay not as much, fewer unions and less participation
Tax Policy: eg - wealth is taxed less than income, progressive taxes are currently limited, the wealthy have loopholes to keep more of their money, the wealthy influence future policies
When the price of a substitute good increases, what happens to the demand curve for the original good?
The demand curve for the original good shifts to the right.
Minute To Win It!: Alphabetical Answers
Using each letter of the alphabet, write down a word, term or phrase that relates to or comes from our studies this year. (25 points for each word)
Scattergories rules: If another group has the same word, no one gets points.
Answers will vary
The great compromise at the Constitutional Convention led to a __________ legislature, balancing power between large and small states through the Senate and the House of Representatives.
Bicameral Legislature