Final Exam 2009-2010 Study Guide
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What is the indirect method we use to elect the President? The Electoral College
How may Senators end a filibuster? 3/5 of the Senate
What are the five consumer rights? Redress, choice, informed, safe product, heard
What is a pocket veto? Ignore a bill for ten days and it is automatically vetoed
Who are the people who start new businesses and introduce new products? entrepreneurs
What is the Federal Reserve System? It’s the central bank of the U.S.
What are the three qualifications to be a U.S. president? 35 yrs old, 14 yr. resident, native-born citizen
What do police need to prove in order to obtain a search warrant? Probable cause
What is fiscal policy? Fed governments use of spending & taxing policies to affect overall business
activity
10. What is labor? Human effort directed toward producing goods and services
11. What is scarcity? Not having enough resources to produce all of the things we would like to have
12. What is consumer sovereignty? The role of the consumer as the ruler of the market, determining what
products will produced
13. What is the major policy-making group of the Fed? FOMC
14. What is another name for the “necessary and proper” clause? Elastic clause
15. What are public goods? Economic goods that are consumed collectively, such as highways and national
defense
16. What are the resources needed to produce goods and services called? Factors of production
17. What group of people approve presidential appointments? Senate
18. What is a subpoena? Court document requiring people to appear in court
19. What role is the president acting in when he greets kings, queens, and foreign leaders called? Head of
State
20. What is the job of an appeals court? Review the lower court case to determine if there were errors
21. What are the rights of the accused? Due process, fair trial, lawyer, not to testify against oneself, no
double jeopardy, hear & question all witnesses
22. What jurisdiction does district courts have? original
23. What Supreme Court case claimed the power of judicial review? Marbury v. Madison
24. What is the name of the role of the president when he is commanding the military? Commander in Chief
25. What is the study of how we make decisions in a world where resources are limited? economics
26. In Brown v. Board of Education of Topeka, KS the Supreme Court ruled that segregation was a
violation of the equal protection clause in which amendment? 14th Amendment
27. What is line-item veto? The ability of a governor to veto parts of a bill
28. What role is the most important of a U.S. president? Chief Executive
29. What do magistrates do? Handle most court documents and minor cases
30. What do financial institutions charge for loans? interest
31. Which federal courts are lawsuits and trials begun? District court
32. All together, what are the agencies and employees of the executive branch called? bureaucracy
33. Who manages the Fed? Board of Governors
34. Which amendment protects discrimination and you rights as a citizen? 14th
35. Who is the person who USUALLY is in charge of the U.S. Senate? President pro-tempore
36. What is crime? An act that breaks a law and causes harm to people or society in general
37. What is a free market economy? A system where the people own most, if not all of the means of
production and decide how to use them, with little government interference
38. Buying U.S. bonds is a way the Fed stimulates the economy.
39. What are “wants”? things people would like to have
40. What is a command economy? Government run economy, with little consumer choice
41. What are civil disputes? Disputes between people or groups of people in which no criminal laws have
been broken
Final Exam 2009-2010 Study Guide
42. What type of financial institution offers full banking service? Commercial banks
43. What are standing committees? Permanent committees of Congress that continue their work from
session to session
44. What are the three questions a society must ask when facing scarcity? What, for whom and how to
produce
45. What are natural resources? Gifts of nature that make production possible
46. What are concurrent powers? Powers shared between the federal and state governments
47. What is a juvenile delinquent? A child or teenager who commits a serious crime or repeatedly breaks the
law
48. What are anti-trust laws? Legislation to prevent new monopolies from forming and police those that
already exist
49. Who are the owners of a corporation? stockholders
50. What is a circuit? The area of jurisdiction of a federal court of appeals
51. What is a sales tax? Tax levied on a product at the time of sale
52. What is a budget deficit? Where the government spends more than it collects
53. Who is the leader of the House of Representatives? Speaker of the House
54. What is monetary policy? Policy that involves changing the rate of growth of the money supply in
circulation in order to affect the cost and availability of credit
55. What does the president do in the Economic Leader role? Watch over the U.S. economy and make
decisions accordingly
56. Who makes the decisions in a command economy? The government
57. What happens at an arraignment? The person hears the charges against them and they make a plea of
guilty or not guilty
58. What is the FDIC? Federal agency that insures individual accounts in financial institutions for up
$100,000
59. What Article in the Constitution created the federal court system? Article III
60. In civil cases, what is the person called that is being sued? defendant
61. What is a county? Normally the largest territorial and political subdivision of a state
62. What is judicial review? The power of the S.C. to say whether any federal, state or local law or
government action goes against the Constitution
63. What is capital? Previously manufactured goods used to make other goods and services
64. What personality trait do employers most look for? A good work ethic
65. What is remand? To send a case back to a lower court to be tried again
66. Who was John Marshall? The Chief Justice of the S.C. who established judicial review
67. Congress cannot vote to override a Supreme Court ruling.
68. What is the clearest statement of the administration’s plans and goals for the upcoming year? The
federal budget
69. What powers are outlined in the 10th Amendment? Powers that belong to the states and the people
70. What does the 5th Amendment protect? (what rights) rights of the accused
71. What are incentives? Reward offered to try to persuade people to take certain economic actions
72. What jurisdiction does appeals courts have? appellate
73. What is bicameral? Two house legislature
74. What is foreign policy? A nation’s overall plan in dealing with other nations
75. What is the measure of the U.S. economy called? Gross Domestic Product
76. The General Assembly is to the state of Virginia, as ____ is to the U.S. government. Congress
77. What is the supremacy clause? The U.S. Constitution and laws Congress makes are the supreme law of
the land
78. What is interest? Payment people receive when they lend money or allow someone else to use their
money
79. What are stocks? Ownership share of a corporation
Final Exam 2009-2010 Study Guide
80. What are the ways to self assess when selecting a career? Try new things, what are your talents, interests
81. What kind of court handles most misdemeanors and less serious crimes? General district court
82. What is person filing a lawsuit called? plaintiff
83. What is opportunity cost? The cost of the next best alternative use of time and money when choosing to
do one thing rather than another
84. What are felonies? Serious crimes with serious consequences
85. What is a partnership? Two or more owners of a business
86. What is competition? The struggle that goes on between buyers and sellers to get the best products at the
lowest prices
87. By _____the Supreme Court may decide if a law is constitutional. Judicial review
88. What is a budget? A plan for making and spending money
89. What are constituents? A person from a legislator’s district
90. What is a federal system? The sharing of power between the central and state governments
91. What is the basic goal of foreign policy? National defense
92. What are the four factors of production? Capital, human resources(labor), natural resources and
entrepreneurship
93. How are each state’s electoral votes determined? The number of senators and representatives per state
94. How does the government work to maintain competition? Support business start ups, anti-trust laws
95. How long do Federal judges and Supreme Courts Justices serve? life
Know these terms:
Standing committee
Concurrent powers
Executive branch
Federal system
probable cause
Felony
General Assembly
Consumer sovereignty
Law of demand
Profit
Electoral college
Veto
conference committee
reserved powers
judicial branch
county
misdemeanor
elector
Board of Supervisors
public goods
fiscal policy
proprietorship
scarcity
appeals
expressed powers
legislative branch
due process of law
apportion
Governor
Congress
incentive
law of supply
monetary policy
cabinet
Miranda v. Arizona
Short Answer:
Academic –
1. What are the 5 characteristics of the U.S. economy? (list and explain/describe)
Free Market, competition, Profit Motive, consumer sovereignty, Private property
Honors1. How a bill becomes a law
2. Concurrent vs. Reserved Powers (be able to provide examples)
3. Executive roles of the president and governors (be able to provide examples)
4. The federal court system (be able to provide examples)
Final Exam 2009-2010 Study Guide
5. What is scarcity and how does it relate to our wants, needs and the study of economics?