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Economics

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Michelle Littel

Lvl 10
โˆ™ 2021-10-10 18:35:20
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Cards in this guide (26)
What protections are guaranteed to the people by the First Amendment to the US Constitution

gives us the freedom of speech

Who developed the law of comparative advantage

David Ricardo first promoted the theory in his 1817 book On the Principles of Political Economy and Taxation.

Under what heading did the social programs of the 1930s come

new deal

During this event a country stops all trade with another country

Embargo.

Which type of government fits this description The government makes all of the decisions and consumer choices are given little attention

A government that makes all of the decisions and consumer choices are given little attention is an authoritarian government. Communism is just one type of authoritarian government.

This is a characteristic of communism, as opposed to capitalism.

The drawback to the communist system of government, as usually applied, is that the consumer is subject to the decisions of the government, and therefore to the needs of the populace as a whole. This does not give the individual much control over the type of goods that he is provided.

This is more precisely a command economy, which used to be practiced as "communism" in the Soviet Union.

The government can use monetary and fiscal policy to regulate the economy

True

Which President was responsible for having the Social Security program approved

fdr

Franklin D. Roosevelt for the ones that dont know what that sais..

What type of tax is the chief source of income for local governments today

property

What can the government do to control consumption of alcohol or cigarettes

raise excise tax

They cannot do anything other than educate. Nor should they. It is not the purpose of the government to dictate what an individual may, or may not, do in such areas.

General simplistic solutions seldom, if ever, work.

If legal alcohol becomes too expensive then there will be a corresponding rise in the brewing or distilling of illicit alcohol and cigarettes or substitutes will be found. These may be much more harmful than the original items.

Many statistics are used to show the harmful effects on an individual and the cost to society.

For instance there are claims that smoking in the UK costs the National Heath Service in the region of one billion a year. That may or may not be the case, but it fails to mention that ten times this figure is raised in taxes by the sale of these items. If people stopped using tobacco then there can be little doubt that their heath would improve and they may live longer. Note I say MAY. They would have to as it would then be necessary to raise that money elsewhere by other means.

Anyone who believes that ANY government would lose this income without trying to recoup it by raising taxes on something else is being naive to say the least.

Which of these does fiscal policy deal with

taxation

States are not allowed to tax which of these

All of these(Kaylop)

Caveat emptor means that the producer will be protected against fraudulent business practices but must protect the consumer

false

Social security payments may be paid to dependent surviving children until they are 18

Social security payments may be made to dependent children until they are 18.

true

Which of these is the most liquid asset

money

This cabinet department handles violations of antitrust laws

justice

A program called the new deal was put into effect in which year

1932

The growth of technology has had little effect on the amount of goods and services produced in other countries

False

The conversion and exchange rate for currency has no effect on international trade

False

What are the states prohibited from taxing

The constitution prohibits taxing polls. There is no state in the United States that is allowed to tax citizens for the right to vote.

All policies that impede the flow of goods from one country to another are eliminated

Free trade involves eliminating policies that impede the flow of goods from one country to another. These ambitions have been met with much opposition and support.

Starvation illness and unemployment during the depression motivated the creation of the social security program

true

Supply creates a demand

False(Kaylop)

Citizens have the right to purchase propert however the government has the right to take the property without paying for it if it is needed for public improvement or benefit

false

A sales tax on gasoline is and example of what type of tax

A sales tax on gasoline is an example of sales tax.

Whinch of these terms is included in the definition of commerce

construction of highways.

What will the federal government (Federal Reserve Bank) do in an attempt to encourage saving and investing

raise dividend rates

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