Foreign Policy
This trade agreement between the U.S., Canada, and Mexico replaced NAFTA in 2020; give its current abbreviation.
A city passes a rule preventing factories near schools. This type of law is called what?
Zoning/Land Use
When prices across an economy rise over time, this is called what?
Inflation
Which agency regulates radio and television communications in the United States? Give the agency name or abbreviation.
Federal Communications Commission (FCC)
What is the difference between a checking account and a savings account?
Checkings- for everyday spending/expenses;money goes out
Savings- for longterm money management; money stays in
A government blocks all trade with another country to punish it or force a change. What is this action called?
Embargo
A program that gives monthly payments to retired workers funded by payroll taxes is called what?
Social Security
The loss of jobs and decreased economic activity that often follows a downturn in the business cycle is called what?
Recession
Which agency approves new prescription drugs before they are sold?
Food and Drug Administration (FDA)
List two common payroll deductions that might appear on a paycheck.
Social Security, State Tax, Federal Tax, Medicare/Medicaid, Health/Life Insurance
The U.S. sends money, food, and medical supplies to a country after a natural disaster. What term describes this assistance?
Humanitarian assistance / foreign aid
A government-run program that provides health coverage for low-income individuals is called what?
Medicaid
Define "opportunity cost" using the student example: buying concert tickets instead of shoes.
What you lose when you choose a different economic option.
Which agency enforces aviation safety and investigates repeated airline safety violations?
Federal Aviation Administration (FAA)
Define "credit score" and what it can be used to buy/get.
Credit score is how likely you are to pay back debts and it can be used to buy a car, house, and get a loan.
A country reduces or restricts trade with another nation because of human rights violations. What general term describes this policy tool (not a specific measure)?
Sanctions
Name the federal program that provides monthly benefits to eligible low-income households to buy food (use the common acronym).
Supplemental Nutrition Assistance Program (SNAP)
Explain the difference between a market economy and a command economy.
Market allows consumers to make economic choice, while a command forces decisions for them.
Which federal agency protects consumers from unfair business practices, such as false advertising?
Federal Trade Commission (FTC)
Explain one way inflation can affect consumers. Give a specific example.
It makes items more expensive for consumers and they do less activities; not going out to eat bc no money, not driving far bc gas, not buying houses bc no savings, etc
Identify OPEC and explain, in one sentence, how it can influence global oil prices.
Organization of the Petroleum Exporting Countries; it coordinates oil production policies among member countries to influence global supply and prices.
Define "economic equity" in one sentence as it relates to domestic policy goals.
ensuring a fair distribution of economic resources and opportunities across society.
What is the Federal Reserve and why is it important?
Is it fiscal or monetary policy?
The Federal Reserve is the U.S. central bank that manages monetary policy; it is important because it controls the money supply, influences interest rates, and works to maintain price stability.
Which federal agency regulates air, noise, water, and land pollution within the US?
Environmental Protection Agency (EPA)
What is a mortgage; you need good ______ and a large down __________ in order to get it?
A mortgage is a house loan; good credit; down payment