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PSCI 1050 Final Exam Review

PSCI 1050 Final Exam Review - PSCI 1050 and 20 Government...

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PSCI 1050 Chapters 18, 19, and 20 Government Final Exam Review 1. Distinguish between: (Simple Definition) Foreign and Domestic Policy -Education is a big one. Monetary and Fiscal Policy -Fiscal = Taxing and Revenue -Monetary = How the government regulates money through the economy. Progressive and Regressive Taxes 2. Define: Recession – Downturn in an economy. A slowdown in the economic activity, officially defined as a decline that persists for two quarters (six months). Depression – A MAJOR significance downturn in the economy. Business Cycle – The alternation of periods of economic growth with periods of economic slowdown. Inflation – When the cost of things goes up. A sustained rise in the price level such that people need more money to purchase the same amount of goods and service. Deficit - Spending money that you don’t have. The government can do this (US) because the US has good creditors. Our economy can support it. We have good foundation. The amount by which annual spending exceeds revenue. Deflation – When the cost of things goes down. Opposite of inflation. Federal Reserve Board – 12 Banks – Its Current Chief – Responsible for the monetary policy. They determine weather we need to raise or lower the interest rates based on the economy. The Current Chief is Benjamin Bernanke (SP?) Know that there are 12 (Twelve) banks.
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