POSC 220 final exam study guide with 100- correct answers 2024
2 views 0 purchase
Course
POSC 220
Institution
POSC 220
Economic Policy
term used to describe government actions that are intended to influence the economy of a city, state, or nation
Gross Domestic Product
represents the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time. Exam...
POSC 220 final exam study guide with
100% correct answers 2024
Economic Policy - term used to describe government actions that are intended to
influence the economy of a city, state, or nation
Gross Domestic Product - represents the monetary value of all goods and
services produced within a nation's geographic borders over a specified period of
time. Example: Consumption + Government Expenditures + Investment + Exports
Inflation - a general increase in prices and fall in the purchasing value of money.
Monetary Policy - a central bank influences a nation's money supply
Recession - a period of temporary economic decline during which trade and
industrial activity are reduced, generally identified by a fall in GDP in two
successive quarters
Competing Economic Theories - the Keynesian, the Friedmanite, and the
Fisherian
Social Welfare Policy - social services provided by a government for its citizens;
Example: Medicaid, Medicare, Section 8 Housing
5 Major Social Welfare Laws - 1. Requires welfare recipients to go to work within
two years of lose federal benefits, 2. Placed a lifetime limit on benefits of 5 years,
3. Prohibits cash benefits to unmarried teen moms unless they stay at school and
live at home, 4.bars illegal immigrants from receiving most federal and state
welfare benefits, 5. ends the guarantee of federal cash assistance to poor
children
Cultural definition of poverty - Poor people stay poor because they behave in a
manner that keeps them poor
, major classifications of social welfare programs -
major health care proposal - Health Care regulations, National Health Insurance,
Employer Based Plans, Cost Containment
Civil Rights - Deal with discrimination. Example is the right to vote
Plessey vs Ferguson - Kept racial segregation under clause; Separate but equal
Goals of economic policy - stable prices, full employment, and economic growth
Unemployment - a phenomenon when someone is actively searching for work but
is unable to find work
Fiscal policy - a government adjusts its spending levels and tax rates to monitor
and influence a nation's economy
types of taxes (tax burdens) - the analysis of the effect of a particular tax on the
distribution of economic welfare
the instruments of economic policy - Taxation, Expenditure (spending), open
market operations, the discount rate and reserve requirements
historical overview of dominant domestics issues - Major Domestic Issues by
Decades
• Dominant Domestic Issues Before 1945
• Economic Reform
• Business Reform
Gov't Need to Intervene
Post WWII Domestic Issues; Late 40s through 50s
• Employment labor relations (how you treat your worker, min. wage)
• Housing ( needed to build housing)
• Industrial conversion (industry need to change due to industrial rev.)
• Farm Surplus (Farms produce more)
• Transportation (Moving ppl and commerce and developing highways)
• Veteran's benefits
welfare state - a concept of government in which the state plays a key role in the
protection and promotion of the social and economic well-being of its citizens
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tuition. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
