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DE Government: Semester 2 > Chapter 17: Economics > Flashcards

Chapter 17: Economics Flashcards

1
Q

The government should create the level of demand

A

Keynesian Economics

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2
Q

Assumes that the health of the economy depends on what is spent/saved by the people

A

Keynesian Economics

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3
Q

According to Keynesian Economics, if the demand is too low, the government should do what?

A

Pump money into the economy (deficit spending)

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4
Q

According to Keynesian Economics, if the demand is too high, the government should do what?

A

Take money out of the economy by increasing taxes

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5
Q

The free market is too undependable to ensure economic activity

A

Planning

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6
Q

Government should plan parts of a country’s economic activity

A

Planning

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7
Q

Wage-price controls and industrial policy (gov. directs all industrial investments)

A

Planning

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8
Q

The price of all things is determined by the supply and demand

A

Trickle Down Economics/ Supply- Side Economics

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9
Q

Inflation is caused by not enough supply of goods, making goods cost more

A

Trickle Down Economics/ Supply- Side Economics

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10
Q

Increasing the supply of goods reduced prices (supply side)

A

Trickle Down Economics/ Supply- Side Economics

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11
Q

There is a need for less government interference in the market and lower taxes

A

Trickle Down Economics/ Supply- Side Economics

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12
Q

The rich get richer and the greater wealth trickles down to he middle and poor class

A

Trickle Down Economics

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13
Q

Combination of monetarism, supply-side tax cuts, and domestic budgeting being cutt

A

Reaganomics

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14
Q

Goals are not entirely consistent

A

Reaganomics

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15
Q

Reduction in the size of the federal government

A

Reaganomics

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16
Q

Stimulates economic growth and increases military strength

A

Reaganomics

17
Q

What is one main effect of Reaganomics

A

Stimulated Economy

18
Q

Unemployment decreases, business activity increase

A

Stimulated Economy

19
Q

Created by Milton Friedman

A

Monetarism

20
Q

Asserts that inflation occurs when there is too much money chasing too few goods

A

Monetarism

21
Q

Effective control of the economy occurs with the manipulation of the money supply

A

Monetarism

22
Q

Interest rates fluctuate depending on inflation (FDR does this)

A

Monetarism

23
Q

What are the 5 budgeting theories

A

Monetarism
Keynesian Economics
Planning
Trickle-Down/ Supply-Side
Reganonomics

24
Q

What is an example of Monetarism

A

The Federal Reserve System

DE Government: Semester 2 (50 decks)

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