Monetary
The government manipulation of the supply of money in private hands is called:
Monetary policy
Who shapes Fiscal policy?
The President and Congress
What is another name for supply-side economics?
The Trickle Down Theory
Give an example of a mixed economy.
1) minimum wage, and are 2) able to collectively bargain in labor unions (The National Labor Relations Act). The government ensures the 3) safety of the stock market with the (SEC), 4) the safety of our water and air pollution (EPA), 5) the safety of our money in banks (FDIC), and a host of other safety measures in our economy such as 6) our currency (FTC), 7) food (FDA), 8) occupational health (OSHA), 9) Justice (Dept of Justice, EEOC), 10) consumer products, 11) wildlife, 12) nuclear waste, 13) interstate trade (Commerce Clause), 14) social security, 15) taxes (IRS), 16) virus outbreaks (CDC) and so on.
What is political socialization?
How our political opinion is influenced by 4 factors:
● Family
● Mass media
● School
● Religion
The main agency for making monetary policy is the
Federal Reserve System
What is Fiscal policy?
The President and Congress using the federal budget (taxing, spending, borrowing)
to influence the economy.
What are some things in the economy cannot be helped so easily:
The unemployment rate and inflation.
Inflation is:
1) A rise in price of goods and services and
2) when there is a decrease in the value of the dollar
A small part or quantity intended to show what the whole is like:
Method of sampling from a larger population to ensure everyone has an equal
chance of being selected:
Sample
Random Sampling
The Fed chair has a four-year term and the person who is the Fed chair right now is
Jerome Powell
What are the two types of Fiscal policy?
Keynesian and Supply-side economics
The principle that the government should not meddle in the economy:
Laissez-faire
Latinos will take over as the majority population by 2050:
Minority majority
The more people they survey, the more confident they are of not making mistakes:
What is the job of the FRS or the Fed?
1) buy and sell government bonds (loaning money to the Federal government), 2) set the interest rate for which banks lend money to people who want to borrow money for their business, to buy a car, and buy a house.
Which Fiscal policy belongs to the Democrats and which one belongs to the Republicans?
Democrats-Keynesian
Exit poll:
Tracking poll:
Opinion poll:
Benchmark poll:
Exit poll: taking a survey of how I voted after leaving the voting booth
Tracking: Asking the same 5 people the same political questions over a number of years
to see if their opinion changes.
Opinion: Answering questions of different topics within a survey
Benchmark: Using a goal to measure how different people answer over a given time or
it is a survey that establishes baseline data for a campaign, organization, or product, measuring initial public opinion, candidate support, or customer satisfaction to track progress and compare against future results or industry standards. It helps identify core messaging, understand voter/customer sentiment, set goals, and strategically plan for future actions, allowing for measurement of shifts over time.
This is what pays for the Social Security program:
Payroll tax
Government programs given to qualified people regardless of need:
Entitlement programs
What is the difference between Monetary and Fiscal policy?
Monetary policy is the government manipulation of the supply of money in private hands while
Fiscal policy is the federal government uses taxing, spending and borrowing to stimulate growth in the economy.
Give an example of Keynesian economic policy.
If there were no jobs, the government should create some like building roads and dams.
Stimulus checks which are designed to pay for bills and pay for things that will stimulate small and big businesses and the demand for products and services.
Agricultural subsidies
Who works together to write the tax codes and they decide tax expenditures:
The House Ways and Means Committee (The House) and the Senate Finance Committee (Senate)
Govt programs given to people who are highly qualified; based on need:
Means-tested
Give examples of entitlement programs:
Social Security, Medicare, Medicare, Agricultural subsidies