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Exam (elaborations)

FSOT Exam (Latest 2025/2026 Update) TEST BANK | 1,200 All Possible Questions with Verified Answers |100% Correct | Graded A.

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Social Security a federal insurance program that provides benefits to retired people and those who are unemployed or disabled. Office of Management and Budget (OMB) The office that prepares the president's annual budget proposal, reviews the budget and programs of the executive departments, supplies economic forecasts, and conducts detailed analyses of proposed bills and agency rules. The Mayflower Compact foreshadows the US Constitution in what way? It posits the source of government power in the people rather than in God. The philosophy of mercantilism holds that economic power resides primarily in: control of hard currency and a positive trade balance Why didn't the British establish a powerful central government in the American colonies? The British cared little how the colonists lived so long as the colonies remained a productive economic asset The Albany Plan of Union failed because: there was no legitimate executive power to enforce it According to the theory of virtual representation... colonists were represented in Parliament by virtue of their British citizenship. Thus, their consent to acts of Parliament could be presumed. Andrew Jackson accused Henry Clay of using his influence to broker the "corrupt bargain" of 1824 (which cost Andrew Jackson the election) because Clay was promised a cabinet position if John Quincy Adams was elected president Bleeding Kansas (AKA Bloody Kansas; the Border War) Was a series of violent civil confrontations in Kansas Territory, United States, between 1854 and 1859 which emerged from a political and ideological debate over the legality of slavery in the proposed state of Kansas. Emancipation Proclamation President Lincoln 1863 - The Emancipation Proclamation granted freedom to the slaves in the Confederate States if the States did not return to the Union by January 1, 1863. In addition, under this proclamation, freedom would only come to the slaves if the Union won the war As a result of the Emancipation Proclamation, nearly 200,000 free blacks and escaped slaves joined the Union Army Following the Civil War, most freed slaves: stayed in the South, and worked as sharecroppers Prior to the administration of Theodore Roosevelt, the Sherman Antitrust Act had been used primarily to suppress trade unions Why did prohibition start? The driving force of the Prohibition movement was various religious organizations, who believed that less alcohol consumption would decrease the amount of crime, spousal abuse, and raise the overall amount of piety in America "the Only thing we have to fear is fear itself - nameless, unreasoning, unjustified fear." Pres. Roosevelt in his inauguration address declaring the war on the Depression. Led to the New Deal reforms Emergency Banking Relief Act Gave the President power over the banking system and set up a system by which banks would be reorganized or reopened. Put poorly managed banks under the control of the Treasury Dept. The Banking Act of 1933 Established the Federal Deposit Insurance Corporation (FDIC) to insure bank deposits. It also prohibited commercial banks from selling insurance or acting as investment banks. Keynesian economics Theory based on the principles of John Maynard Keynes, stating that government spending should increase during business slumps and be curbed during booms. Keynes argued that depressions were the result of a vicious cycle in which people see that the economy is bad, so they fear that money will be hard to come by, so they don't spend the money they have, so businesses fail, so the economy worsens, so people fear that money will be hard to come by, and so on. The solution, Keynes argued, was for the government to step in and embark on a program of deliberate deficit spending, as the multiplier effect would ensure that every dollar spent would do several dollars' worth of good in reviving the economy. If the people who needed money the most received a little extra, they would spend it immediately on the things they needed; that money would go to businesses, who could afford to hire more people, who would start receiving paychecks and then spend that money, which would go to businesses, who could afford to hire more people, etc. Social Security Act of 1935 Created both the Social Security Program and AFDC, a national assistance program for poor children. The Social Security Act created a financial security net for all citizens by offering pensions for the elderly, unemployment compensation and insurance coverage for the disabled. AFDC (Aid to Families with Dependent Children) established by the Social Security Act of 1935 as a grant program to enable states to provide cash welfare payments for needy children who had been deprived of parental support or care because their father or mother was absent from the home, incapacitated, deceased, or unemployed. The Emergency Relief Appropriation Act (name changed to Works Projects Administration, WPA) Created during the Second New Deal. The WPA's goal was to give unemployed people practical jobs that would support their self-respect and help them maintain their abilities. It engaged an average of 2.1 million people per month between 1935 and 1941 for various tasks. The WPA generated more than 8 million jobs, all paid for by the government. Along with public works projects, such as constructions, the WPA also employed writers, photographers, and other artists to create travel guides and record local and personal histories. New Deal Coalition A coalition forged by the Democrats who dominated American politics from the 1930's to the 1960's (during the New Deal). Its basic elements were the urban working class, ethnic groups, Catholics and Jews, the poor, Southerners, African Americans, and intellectuals. Protectionism (US leading up to WWII) Economic policy of shielding an economy from imports by keeping tariffs high. FDR devised a method of using economic leverage as a foreign policy tool.

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Uploaded on
January 15, 2025
Number of pages
368
Written in
2024/2025
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Exam (elaborations)
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FSOT Exam (Latest 2025/2026 Update) TEST
i,- i,- i,- i,- i,- i,-




BANK | 1,200 All Possible Questions with i,- i,- i,- i,- i,- i,- i,-




Verified Answers |100% Correct | Graded A. i,- i,- i,- i,- i,- i,-




Social Security
i,- a federal insurance program that provides i,-i,- i,- i,- i,- i,- i,- i,- i,-



benefits to retired people and those who are unemployed or
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



disabled.


Office of Management and Budget (OMB)
i,- i,- The office that i,- i,- i,- i,-i,- i,- i,- i,- i,-



prepares the president's annual budget proposal, reviews the
i,- i,- i,- i,- i,- i,- i,- i,-



budget and programs of the executive departments, supplies
i,- i,- i,- i,- i,- i,- i,- i,-



economic forecasts, and conducts detailed analyses of proposed
i,- i,- i,- i,- i,- i,- i,- i,-



bills and agency rules.
i,- i,- i,-




The Mayflower Compact foreshadows the US Constitution in what
i,- i,- i,- i,- i,- i,- i,- i,- i,-



way? It posits the source of government power in the people
i,-i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



rather than in God.
i,- i,- i,-




The philosophy of mercantilism holds that economic power
i,- i,- i,- i,- i,- i,- i,- i,-



resides primarily in: control of hard currency and a positive
i,- i,- i,-i,- i,- i,- i,- i,- i,- i,- i,- i,-



trade balance
i,-

,Why didn't the British establish a powerful central government in
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



the American colonies?
i,- The British cared little how the i,- i,-i,- i,- i,- i,- i,- i,- i,- i,-



colonists lived so long as the colonies remained a productive
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



economic asset i,-




The Albany Plan of Union failed because:
i,- i,- i,- i,- i,- i,- i,-i,- i,- there was no i,- i,- i,-



legitimate executive power to enforce it i,- i,- i,- i,- i,-




According to the theory of virtual representation...
i,- colonistsi,- i,- i,- i,- i,- i,-i,- i,- i,-



were represented in Parliament by virtue of their British
i,- i,- i,- i,- i,- i,- i,- i,- i,-



citizenship. Thus, their consent to acts of Parliament could be
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



presumed.


Andrew Jackson accused Henry Clay of using his influence to
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



broker the "corrupt bargain" of 1824 (which cost Andrew Jackson
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



the election) because Clay
i,- was promised a cabinet position if
i,- i,- i,-i,- i,- i,- i,- i,- i,- i,- i,-



John Quincy Adams was elected president
i,- i,- i,- i,- i,-




Bleeding Kansas (AKA Bloody Kansas; the Border War)
i,- Was a i,- i,- i,- i,- i,- i,- i,-i,- i,- i,- i,-



series of violent civil confrontations in Kansas Territory, United
i,- i,- i,- i,- i,- i,- i,- i,- i,-



States, between 1854 and 1859 which emerged from a political
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



and ideological debate over the legality of slavery in the
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



proposed state of Kansas. i,- i,- i,-

,Emancipation Proclamation President Lincoln 1863 - The i,- i,-i,- i,- i,- i,- i,- i,- i,-



Emancipation Proclamation granted freedom to the slaves in the i,- i,- i,- i,- i,- i,- i,- i,- i,-



Confederate States if the States did not return to the Union byi,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



January 1, 1863. In addition, under this proclamation, freedom
i,- i,- i,- i,- i,- i,- i,- i,- i,-



would only come to the slaves if the Union won the war
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-




As a result of the Emancipation Proclamation,
i,- i,- nearly 200,000
i,- i,- i,- i,- i,-i,- i,- i,- i,-



free blacks and escaped slaves joined the Union Army
i,- i,- i,- i,- i,- i,- i,- i,-




Following the Civil War, most freed slaves: i,- i,- i,- i,- i,- i,- i,-i,- i,- stayed in the i,- i,- i,-



South, and worked as sharecroppers
i,- i,- i,- i,-




Prior to the administration of Theodore Roosevelt, the Sherman
i,- i,- i,- i,- i,- i,- i,- i,- i,-



Antitrust Act had been used primarily to
i,- suppress trade i,- i,- i,- i,- i,- i,-i,- i,- i,- i,-



unions


Why did prohibition start?
i,- The driving force of the
i,- i,- i,-i,- i,- i,- i,- i,- i,- i,-



Prohibition movement was various religious organizations, who
i,- i,- i,- i,- i,- i,- i,-



believed that less alcohol consumption would decrease the
i,- i,- i,- i,- i,- i,- i,- i,-



amount of crime, spousal abuse, and raise the overall amount of
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



piety in Americai,- i,-




"the Only thing we have to fear is fear itself - nameless,
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



unreasoning, unjustified fear." Pres. Roosevelt in his i,- i,- i,-i,- i,- i,- i,- i,- i,-

, inauguration address declaring the war on the Depression. Led to i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



the New Deal reforms
i,- i,- i,-




Emergency Banking Relief Act Gave the President power over
i,- i,- i,- i,-i,- i,- i,- i,- i,- i,- i,-



the banking system and set up a system by which banks would be
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



reorganized or reopened. Put poorly managed banks under the i,- i,- i,- i,- i,- i,- i,- i,- i,-



control of the Treasury Dept. i,- i,- i,- i,-




The Banking Act of 1933
i,- Established the Federal Deposit i,- i,- i,- i,-i,- i,- i,- i,- i,- i,-



Insurance Corporation (FDIC) to insure bank deposits. It also
i,- i,- i,- i,- i,- i,- i,- i,- i,-



prohibited commercial banks from selling insurance or acting as
i,- i,- i,- i,- i,- i,- i,- i,- i,-



investment banks. i,-




Keynesian economics Theory based on the principles of John
i,- i,-i,- i,- i,- i,- i,- i,- i,- i,- i,-



Maynard Keynes, stating that government spending should
i,- i,- i,- i,- i,- i,- i,-



increase during business slumps and be curbed during booms.
i,- i,- i,- i,- i,- i,- i,- i,-




Keynes argued that depressions were the result of a vicious cycle
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



in which people see that the economy is bad, so they fear that
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



money will be hard to come by, so they don't spend the money
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



they have, so businesses fail, so the economy worsens, so people
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



fear that money will be hard to come by, and so on. The solution,
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



Keynes argued, was for the government to step in and embark on
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



a program of deliberate deficit spending, as the multiplier effect
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-



would ensure that every dollar spent would do several dollars'
i,- i,- i,- i,- i,- i,- i,- i,- i,- i,-
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