Markets & Market Weaknesses
Define a monopoly and give an example
One seller controls the market (Standard Oil)
Define a recession, and explain how it is typically measured
Bonus 50: define a depression
For whatever reason, the economy as a whole just doesn’t work as well as it should, it doesn’t employ resources efficiently and fully. A shock hits the market, companies cut back, there are layoffs, more cutbacks, etc.
Measured in GDP usually. 2 downward quarters=recession
A depression is a long and severe recession
What was Jacksonian democracy, and how did it affect voter turnout?
Bonus 100: how did he change campaigning and the presidency?
The rise of the common white man, with small d democracy replacing small r republicanism a bit. Common white men can all vote now, and the voter turnout expands dramatically.
Jackson used more newspapers, parades, public gatherings, and also employed a spoils system for those party faithful as he selected his administration.
What was the Double V campaign?
During WWII, victory against fascism abroad and victory against racism at home
Define Judicial review, and court case that led to it being established
Power of American courts to determine whether the acts of all branches of government and government officials comply with the Constitution
Marbury v Madison (1803)
Define Indadequate Information and give an example
Not enough information known or understood about a potential exchange (so you can’t value products properly)
Meat packing industry
Define Fiscal and Monetary policy, including who does each
Fiscal policy--create demand through more government spending and lower taxes (congress)
Monetary policy--increase money supply by printing more money, lowering interest rates (the federal reserve)
What role did education play in the Progressive movement?
Educated in new ways, as educational opportunities are growing.
College was no longer just for the elite–more people are going to university and there are new disciplines in the social sciences that are emerging–-psychology, economics, sociology, social work, political science. Lots of research conducted that was then used as evidence in the push for reform.
Organization-->investigation-->publicity and legislative change
Describe Lincoln's main argument in his second inaugural address
Neither North nor South wanted war or expected it would last this long. They both pray to the same God, and perhaps it is God's will that the nation suffers and pays for the sin of slavery. Regardless, we move forward with charity, to bind up the nation's wounds
What is the Tweedle-Dee Tweedle Dum effect?
Politicians in a two party system often say and do the same things and have meaningless slogans, because they are trying to play the middle of the road.
Define externalities and give an example of both a positive and a negative externality
Bonus 100: what are potential solutions to both?
Cost or benefit to a third party not involved in the exchange. Decisions that affect bystanders.
Costs (ex air pollution in Pittsburgh) are overproduced, so government can tax those exchanges
Benefits (ex education) are underproduced, so government can subsidize those exchanges
What kind of president was FDR, and how did he shape the executive branch?
Optimistic, personable (fireside chats), pragmatic (if it works, do it, if not, stop) The EXPERIMENTER
He asks congress for "broad executive power", and the executive becomes a quick, reactionary, and more powerful branch (as if they were fighting a foreign force)
What was the main idea of Jane Addams "If Men were Seeking the Franchise" reading?
List at least 2 arguments she provided as to why, in her hypothetical society, men shouldn't vote?
To show the absurdity of many men’s arguments against women’s suffrage.
violent/revenge/war, focused on punishment and not fixing social problems, not caring about safer working conditions and child labor laws, PUTTING PROFIT OVER LIFE
Briefly describe the 3 phases of the Civil Rights movements
1909-54: legal
1955-67: non-violent confrontation
1967-75: Black Power
What were Roosevelt's 4 freedoms, and how did they relate to American foreign policy?
Freedom of speech and expression–everywhere in the world
Freedom to worship God in his own way–everywhere in the world
Freedom from want–everywhere in the world
Freedom from fear–fear of war and death and danger–everywhere in the world
FDR is announcing that the USA is going to take responsibility for these things everywhere.
Define the role of profits
Bonus 100: how did the video of Texas Tech University illustrate this principle?
Profits send signals to businesses that influence future plans
Low profits or losses push resources and business activity away
High profits attract resources and new business activity
Texas Tech had luxury student dorms and was making a profit, encouraging other universities to follow suit
List the four main economic shocks that led to the Great Depression
(100 points each)
Stock market crash of 1929
Dust Bowl
Circular loans from Treaty of Versailles
Federal Reserve tightens money supply
According to Hector St. Jean de Crevecouer in his “Letter from an American Farmer”, what is an American?
Individuals of all nations are melted together (well, the white ones at least)
The rich and the poor are not as divided as they are in Europe
A large middle class, no aristocracy, no persistent poverty either because of how much economic opportunity there is
“A people of cultivators”
“Animated with a spirit of industry”
Everybody, top to bottom, can do stuff. Everyone has a competency they can share in the creating of a new nation.
Leave behind old identity and become a new person
In his "The Ballot or the Bullet", what is Malcolm X's main argument?
The time for equality is yesterday. The time is now. Push for Black Nationalism--equality of opportunity (blacks have political power for black communities and in government, they control their own economy). Nonviolence will be met with nonviolence, but violence ought to be met with violence--give me liberty or give me death.
Briefly explain the main ideas of amendments 13-19
13: Abolition
14: Citizenship, guarentee of rights to citizens, no 3/5 clause
15: Universal male suffrage (Enfranchisement)
16: Income tax
17: Direct election of senators
18: Prohibition
19: Women's suffrage
Reallocation of Resources fill in the blank:
A new announcement arrises that says salads are bad for health.
Demand for salad ______ (decreases/increases).
A ______ (shortage/surplus) of salad develops, causing prices to ______(increase/decrease).
This results in ______ (high/low) profits in the salad industry, causing businesses to ______(leave/enter) the salad market.
Price of salad then _____ (raises/lowers) and profits return to normal, with ______ (more/less) salad being consumed than before the announcement.
Decreases, surplus, decrease, low, leave, raises, less
Define New Deal Programs: Civilian Conservation Corps (CCC), Tennessee Valley Authority (TVA), Works Progress Administration (WPA), Social Security Act
(125 points each)
CCC: Promote environmental conservation by employing young men, 18-25/30, to go out and make and maintain national parks and trails
TVA: Built dams and power plants along TN river in 7 states (hydroelectric power plants)
WPA: Public works for the jobless, swimming pools, highways, airports, history collection, plays, artwork (painters paid to create murals in post offices, like the one in provo)
Social Security Act: A SAFETY NET for the needy that can’t help themselves. Elderly, disabled (blind, etc) could receive up to 15$ a month to sustain themselves
Progressives wanted to make government more....(3 things)
List at least 3 ways that they did this
Efficient (get rid of political machines), democratic (17th & 19th amendments, secret ballots), and responsive
17th & 19th amendments, secret ballots, getting rid of political machines, initiative, reform, referendum
What was the main finding of the Plessy v Ferguson case? What was the case that overturned it, and how?
Supreme court rules that it is ok to have “separate but equal” facilities for blacks and whites.
Brown v Board: Court ruled that segregated facilities are inherently unequal, just by the mere fact that they separate the races and impose "a feeling of inferiority" (Clarks' study) on black children.
Briefly explain the main idea of amendments 20-27
20: Shortened lame duck period
21: Repeal of prohibition
22: 2 term limit
23: Electoral vote for DC
24: Poll tax prohibited
25: VP takes over duties of incapacitated President
26: Lowered voting age to 18
27: Congressional salary changes take effect in the following term/after the next election