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23 Cards in this Set

  • Front
  • Back
What is the highest court in the United States?
Supreme Court
A period of economic decline is called what?
Recession
What is the term for an earlier court decision used that is used as a guide for similar cases?
Precedent
President Clinton signing the Personal Responsibility Act ended the old ________ that had begun as part of the 1935 Social Security act.
Aid to Family with Dependent Children (AFDC)
Which resident implemented the Food Stamp program?
Johnson
Buying parts and products abroad or from cheaper, non-union U.S. producers, leaving workers vulnerable is what?
Outsourcing
What is the four letter acronym sometimes used to classify upper or middle class Anglo-Saxon males/
WASP (stands for White, Anglo-Saxon Protestant)
According to the lecture, what is the major religion in Pakistan?
Islam
What countries border India?
Pakistan, China, Nepal, Bhutan, Bangladesh and Burma
What is the term used for a general, overall rise in prices?
Inflation
Combination of slow groth plus inflation in the U.S. economy in the 1970's is referred to as what?
Stagflation
During the 1970's, who was it that made the decision to quadruple gas prices?
OPEC
A system of political power dispersed among layers is called what?
Feudalism
What is the government body that can raise and lower interest rates?
The Federal Reserve Board
Spending more in a given year than you take in is called what?
Deficit
What are non-criminal disputes among individuals?
Civil Law
What is a market that has gone too high?
Bubble
What is common European currency?
Euro
What is the tendency of economy to alternate between growth and recession over several years?
Business cycle
What was the biggest culprit of the stagnant living standards in the the U.S. in the 1970s that affected almost every corner of the market?
Increased oil prices
To __________ is to formally charge someone with a crime.
Indict
What percentage of federal payments goes to middle and upper classes in the form of social security?
85%
What is the term used when imports are greater than exports?
Trade Deficit