Module 3 Flashcards

1
Q

The founding fathers took their view of separation of powers from a man named

A

Montesquieu

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2
Q

Public goods are both ____________ and _____________

A

Non-rivalrous

Non-exclusive

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3
Q

If two people make a deal and it creates a cost for a third person, that cost is _________

A

Externality

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4
Q

Idea is good if it makes at least one person better off and no one worse off

A

Pareto Optimality

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5
Q

Legislative has two parts

A

Congress

  • Senate
  • House of Representatives
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6
Q

Executive has two parts

A

President

  • Vice President
  • Cabinet
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7
Q

Judicial has two parts

A

Supreme Court

Other federal courts

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8
Q

How many members in House of Representatives?

A

435

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9
Q

How long are terms of House of Representatives

A

2 year

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10
Q

How many members in Senate

A

100

2 from each state

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11
Q

How long are terms for senate

A

6 year

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12
Q

Laws must pass both houses with a majority of the votes present of the quorum?

A

True

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13
Q

Can a president not sign a law? If so can congress bypass the president?

A

Yes, it’s a veto

Yes both houses must pass again with 2/3 majority

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14
Q

Presidents must sign or veto the entire bill?

A

True. No line item vetoes

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15
Q

What is the only court that is required to exist from the constitution?

A

Supreme Court

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16
Q

What is non-rivalrous?

A

One person consuming the good doesn’t diminish the good in any way for another person

17
Q

What is non-exclusive

A

Once we provide it, everyone gets it

18
Q

Monopsony

A

One buyer if a good

Ex. Single factory in a small town where everyone is employed. Can demand hard working conditions with low pay