Executive Departments
Which executive department works to provide public schools funding and provides the right to IEPs/504s for students in the United States?
The Department of Education
Which international organization is responsible for overseeing global trade agreements and resolving trade disputes?
The World Trade Organization (WTO)
What is the primary purpose of regulation in the economy?
To protect consumers and stabilize the economy
What is a tariff?
A tax on imported goods/services
The government's main source of revenue comes from...
Taxation of individuals and businesses
A nearby coal processing plant is polluting a lake in your neighborhood and causing people to fall sick. What government agency should you contact to resolve the issue?
The Environmental Protection Agency (EPA)
What does GDP measure?
The total value of all the goods and services produced in a country in a set period of time
What regulatory agency oversees air travel?
Since 1962, the U.S has imposed an ________ on Cuba, banning all trade with the Caribbean nation
embargo
A factory has been abandoned on a plot of land for 5 years with no buyer, and the government wants to buy the land and turn it into a public park. What is this process called?
Eminent domain
Upton Sinclair's book "The Jungle" described the horrific working conditions and unsanitary food quality in the early 1900s. What executive agency was created shortly after in response?
The Food and Drug Administration (FDA)
What is the difference between a trade surplus and a trade deficit?
A trade surplus is when more goods/services are exported than imported. A trade deficit is when more goods/services are imported than exported
In 2022, the Biden administration worked to pass a bill that put a _____ ______ on insulin and other key drugs to make them more affordable
Price ceiling
What does the term "protectionism" refer to in the context of global trade?
The consistent use of trade barriers to shield domestic industries from overseas competition
Which political party likes to use fiscal policy with spending and tax increases for the wealthy?
The Democratic Party / Left-leaning
This executive department is responsible for collecting taxes, paying debts, and printing money
The Department of the Treasury
What three countries does the United States do the most trade with?
China, Canada, and Mexico
The Department of Justice sued Google in January 2023, alleging that Google illegally monopolized the digital advertising technology market. What kind of regulation is this describing?
Anti-Trust Laws
What is the general purpose of implementing trade barriers?
To encourage domestic products and domestic buying
The Federal Reserve uses this strategy to conduct monetary policy
Increasing/Decreasing interest rates
What is one way that the Department of Health and Human Services impacts your life?
Could include:
Ensures safety of food and drugs
Medicare and Medicaid
Makes drugs and care more affordable
Oversees and encourages vaccination
What percentage of the United States' annual budget goes to foreign aid through USAID?
1 percent
In the 1980s, Ronald Reagan cut taxes for the American upper class in an attempt to stimulate the economy. What is this type of action called?
Deregulation, also supply-side economics
What are 2 pros and 2 cons of implementing tariffs?
Pros: Can provide government income, can help incentivize domestic buying and production
Cons: Increase prices of key goods for consumers, Increase inequality, Often followed by retaliation
Presidents Franklin D. Roosevelt, Lyndon B. Johnson, and Barack Obama are known for their uses of what kind of economic policy?
Keynesian Economics