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