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American Foundations > Exam 4 > Flashcards

Exam 4 Flashcards

1
Q

What does “equality of opportunity” mean?

A

American Dream- you get what you work for

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2
Q

What does “equality of conditions” mean?

A

Everyone gets the same stuff

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3
Q

What step has been taken in America to combat economic inequality WITHOUT using socialism?

A

Graduated taxes

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4
Q

How can we enhance equality of opportunity?

A

Fair rules, no discrimination, Rule of (Equal) Law

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5
Q

What is an entitlement program?

A

Wealth is transferred to those who don’t have it- “some begin to feel like they are entitled to this money because of their circumstances”

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6
Q

Is the spirit of entitlement supported by church leaders?

A

NO

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7
Q

Four economic challenges

A

Unequal wealth
Lack of economic virtue
Production instability
Price instability

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8
Q

What is economic virtue?

A

Self-reliance, provident living, and a desire to help others

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9
Q

Why is economic virtue so important on an individual level?

A

Without virtue, self-interest turns to greed

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10
Q

Why is economic virtue important in a free market system?

A

There aren’t a lot of checks, so greedy people can get around the natural laws of supply and demand, necessitating government regulation

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11
Q

What is laissez faire?

A

A pure market without government intervention

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12
Q

What did Tocqueville say?

A

Capitalists could get carried away and lose self restraint

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13
Q

What is the work ethic in America?

A

Hard work, thrift, integrity, and self reliance

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14
Q

What led to the breakup of the work ethic in America?

A

The 60s threw aside many American values

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15
Q

What do we see now instead of the work ethic?

A

Staggering debt, laziness, and entitlement

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16
Q

What is the law of the harvest?

A

Work hard, receive reward later

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17
Q

What is inflation?

A

Overall prices go up

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18
Q

What causes inflation?

A

Underproduction

19
Q

What causes deflation?

A

Overproduction

20
Q

What causes recessions/depressions?

A

Overproduction leads to people losing jobs and prices going down

21
Q

What is a recession?

A

Economic slowdown

22
Q

What is a depression?

A

Serious recession

23
Q

Who are the winners with inflation?

A

Debtors and those who own capital goods, and the government

24
Q

What causes long term inflation?

A

When the money supply is added to faster than production

25
Q

Who are the losers when inflation happens?

A

Creditors and savers- as inflation increases, money in the bank loses value

26
Q

According to the managed market camp, what caused the great depression?

A

Unequal wealth and a lack of virtue created a bubble at the top of the pyramid- weaknesses of capitalism.

27
Q

According to the managed market camp, what saved America from the Depression?

A

Greater government management of the economy

28
Q

According to the free market camp, what started the depression?

A

Over management by government and poor decisions by the Fed

29
Q

What did the managed market people think about taxes?

A

Too low

30
Q

What did the free market people think about taxes?

A

Too high

31
Q

Managed market people believed that the people should have ___ relief

A

Direct

32
Q

Free market people believed that the market would ___ out eventualyl

A

Even

33
Q

Free market people believed inefficient businesses should…

A

Fail

34
Q

What is fiscal policy?

A

When a government messes with supply and demand in order to stimulate the economy, this is fiscal policy

35
Q

What is monetary policy?

A

Monetary policy differs from fiscal policy because instead of directly interacting with the economy and stimulating production, monetary policy influences the money supply.

36
Q

What is the Fed and what does it do?

A

The Fed influences the money supply by working with interest

37
Q

The Fed sells…

A

Government bonds

38
Q

The New Deal was based on…

A

Hoover’s programs

39
Q

What did the New Deal do?

A

Stopped economic free fall

40
Q

Did the New Deal end the Depression?

A

No

41
Q

Who is Keynes?

A

Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions.

42
Q

What is Keyne’s famous plan?

A

In times of recession or depression, the government must encourage production. THEN, in periods of wealth, the government must raise taxes.

43
Q

Andrew Carnegie’s role in the Homestead Strike.. .

A

Cowardly

American Foundations (6 decks)

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