FSOT question and answers 2022/2022

FSOT question and answers 2022/2022Laissez-faire capitalism the system where the government does not intervene in the government Normative economics the part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy should be (what economy should be) Positive economics positive economics or descriptive economics examines data that can be verified or proven. (what economy is) Macroeconomics economics dealing with the performance, structure, behavior, and decision-making of the economy as whole rather than individual markets Differentiated economics process of distinguishing a product or service from others to make it more attractive to a target market Traditional economy traditions, customs, and beliefs shape the goods and the services the economy produces. Countries that use this type of economic system are often rural and farm-based Command economy an economy in which production, investment, prices, and incomes are determined centrally by a government Market economy decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system Mixed economy an economic system combining private and public enterprise Adam Smith's Invisible Hand refers to the unintended societal benefit of wealth seeking industrialists GNP focuses on national production, including production abroad in companies owned by citizens, but not including domestic production contributed by foreigners U.S. Treasury Department The Treasury prints and mints all paper currency and coins in circulation through the Bureau of Engraving and Printing and the United States Mint. The Department also collects all federal taxes through the Internal Revenue Service, and manages U.S. government debt instruments. Federal Reserve Bank the central bank of the United States responsible for regulating other banks, providing financial services to the government, and regulating money supply House Committee on Financial Services oversees the entire financial services industry, including the securities, insurance, banking, and housing industries Bureau of Engraving and Printing designs and produces a variety of security products for the United States government, most notable of which is Federal Reserve Notes Annual coupon rate determines interest on the original bond amount. It is paid every year during the life of the bond, to maturity. The total return includes only money made on the bond, not the original purchase price Oligopoly a state of limited competition, in which a market is shared by a small number of producers or sellers CPSC works to reduce the risk of injuries and deaths from consumer products FTC works for promotion of consumer protection and the elimination and prevention of anticompetitive business practices, such as coercive monopoly BBB nonprofit organization focused on advancing marketplace trust FCC government agency responsible for regulating the radio, television and phone industries Progressive tax a tax in which the tax rate increases as the taxable amount increases Proportional tax the amount of the tax is in proportion to the amount subject to taxation Excise tax taxes paid when purchases are made on a specific good, such as gasoline Regressive tax tax that is applied uniformly, this means that it hits lower-income individuals harder Supply side economics government action such as tax cuts or business incentives to stimulate the economy NLRB regulation of labor unions as well as settling disputes between workers and their unions AFL help people who want to join together in unions so they can bargain collectively with their employers Capitalist market economy maximum profit potential for business and minimum government interference Keynesian theory of economics promoted a mixed economy over a laissez faire approach, arguing that government intervention and regulation were necessary components of maintaining economic health FDIC created in response to wide spread bank failures during the 1930's Bear market favorable for buyers who can find great deals as other shareholders respond to immediate market conditions by panicking and selling Bull market occurs when the value of stocks is rising Demand pull inflation demand is outpacing output, which leads to inflation Diminishing marginal utility additional units of a commodity increase total utility, but that the increase in utility from unit to unit decreases Consumer price index a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food and medical care Nominal interest rate the rate quoted in loan and deposit agreements Real interest rate the rate of interest an investor expects to receive after allowing for inflation Amortization process of paying of a debt over a fixed period of time with specified payments and interest rates (like car or house payments) Ad valorem taxes tax based on the value of real estate or personal property Per unit tax is a tax that is defined as a fixed amount for each unit of a good or service sold, such as cents per kilogram Broadcasting Board of Governors independent federal government Agency that oversees all U.S. civilian international broadcasting The US Information and Educational Exchange Act of 1948 (Smith-Mundt Act) specifies the terms in which the United States government can engage global audiences McCain-Feingold Act amended the Federal Election Campaign Act of 1971, which regulates the financing of political campaigns Fulbright-Hayes Act establish educational and cultural exchange between the US and other countries New journalism developed in the 1960s & '70s, used literary techniques deemed unconventional at the time Civic Journalism integrating journalism into the democratic process, the media not only informs the public, but it also works towards engaging citizens and creating public debate Muckraking the action of searching out and publicizing scandalous information about famous people in an underhanded way. Radio Farda Iranian Branch of the US congress-funded Radio Free Europe/Radio Liberty's (RFE/RL) broadcast services. It broadcasts 24 hours a day in the Persian language from its headquarters Prague, Czech Republic Optimized press release Focus on keywords to obtain high rankings on search engines Paralanguage the nonlexical component of communication by speech, for example intonation, pitch and speed of speaking, hesitation noises, gesture, and facial expression Manuscript speech written text read to an audience from a paper script or teleprompter Euroequity an initial public offer occurring simultaneously in two different countries IS-LM model (Hicks-Hansen model) is a macroeconomic tool that demonstrates the relationship between interest rates and real output, in the goods and services market and the money market International Trade Commission independent, bipartisan, quasi-judicial, federal agency of the United States that provides trade expertise to both the legislative and executive branches Generalized System of Preferences preferential tariff system which provides for a formal system of exemption from the more general rules of the World Trade Organization Byrd Amendment non-US firms which sell below cost price in the US can be fined, and the money given to the US companies who made the complaint in the first place Kanban the system where goods are replaced as they are used by means of a card that travels with the goods and is sent back to the supplier when the goods are consumed as automatic authorization to replace what was used Cuban Liberty and Democratic Solidarity Act (Helms-Burton Act) provides sanctions against foreign companies involved in investing in nationalized property in Cuba Foreign Corrupt Practices Act prohibits corrupt payments by US companies overseas Trade Promotion Authority granted to the President by Congress gives executive branch authority to negotiate trade agreements provided that Congress approves each agreement as a whole Most Favored Nation principle Gives special access to US markets for developing countries for certain categories of products Helms-Burton Act Extended Cuban embargo Leahy Amendment Prohibits foreign assistance to security forces guilty of human rights violations Countervailing duties applied as a trade remedy when foreign exporting companies receive subsidies from their governments Trough When economic activity begins to rise following a recession FDIC governmental regulatory agency created in 1930s in response to widespread bank failures Why didn't the US Senate approve ratification of Treaty of Versailles Senate separated into factions and could not achieve majority. Primogeniture refers to the passage of all possessions and titles to the eldest child John Locke Writings focused on human rights, all men are born with certain rights that government has an obligation to protect 1972 Summer Olympics Held in Munich, Germany, terrorist attack killed 11 Israeli athletes Sinking of U.S.S. Maine started the... Spanish American War, where US jumped to defend Monroe Doctrine Largest Oil Export in 2005 Russia Shot Heard Around the World Battle of Lexington Battle of Lexington first military engagements of the American Revolutionary War Battle of Yorktown a decisive Revolutionary victory by a combined force of American Continental Army troops led by General George Washington and French Army troops led by the Comte de Rochambeau over a British Army Battle of Waterloo marked the final defeat of French military leader and emperor Napoleon Bonaparte Battle of the Bulge major German offensive campaign launched through the on the Western Front toward the end of World War II in Europe Battle of Midway decisively defeated an attacking fleet of the Imperial Japanese Navy, inflicting devastating damage on the Japanese fleet that proved irreparable. "The most stunning and decisive blow in the history of naval warfare." Yassar Arafat Palestinian leader awarded Nobel Peace Prize for efforts to bring peace to Middle East Ariel Sharon Israeli politician and general who served as the 11th Prime Minister of Israel until he was incapacitated by a stroke. Sharon was a commander in the Israeli Army from its creation in 1948 Anwar Al Sadat third President of Egypt, serving from 15 October 1970 until his assassination by fundamentalist army officers on 6 October 1981 Iraqi Independence Freedom from Turkish control following WWI, existed under mandate of Britain until 1932 Primary role of creating government according to Declaration of Independence Protecting basic human rights Federalist Papers They are the best analysis and explanation to date of the Constitution Winner in a presidential election without a majority winning candidate The House of Representatives will vote to determine a winner, who must receive a majority of the votes, with each state having one vote Marbury v. Madison The power of judicial review was established for federal courts Date of presidential election The first Tuesday after the first Monday of November every fourth year First Africa-American Supreme Court Justice Thurgood Marshall Authority to regulate trade with foreign nations Congress Writ of Habeas Corpus A court order requiring the government to bring a prisoner to court and explain his detention Process for choosing Electors in Presidential Elections Each state legislature determines the process for selecting Electors from that state and is allowed the number of Electors equal to that state's total representatives in Congress. This president's election introduced the modern Democratic party Andrew Jackson