Civics & Economics Exam Review
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Coldchillin96 on June 3, 2012
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55 terms
Terms | Definitions |
|---|---|
 1st Amendment | protects the freedom of speech, religion, press, the right to assemble, and to petition the government |
| 2nd Amendment | protects the right to bear arms |
| 3rd Amendment | prohibits the forced quartering of soldiers out of war time |
| 4th Amendment | prohibits unreasonable searches and seizures and set out requirements for search warrants based on probable cause |
| 5th Amendment | Sets out rules for indictment by grand jury and eminent domain, protects the right to due process, and prohibits self-incrimination and double jeopardy |
| 6th Amendment | protects the right to a fair and speedy public trial by jury, including the rights to be notified of the accusations, to confront the accuser, to obtain witnesses and to retain counsel |
| 7th Amendment | provides the right to trial by jury in certain civil cases, according to common law |
| 8th Amendment | prohibits excessive fines, and excessive bail, as well as cruel and unusual punishment |
| 9th Amendment | protects rights not enumerated in the constitution |
| 10th Amendment | limits the powers of the federal government to those delegated to it by the constitution |
| 11th Amendment | immunity of states from suits out-of-state citizens and foreigners not living within the state borders (lays the foundation for sovereign immunity) |
| 12th Amendment | revises presidential election procedures |
| 13th Amendment | abolishes slavery and involuntary servitude, except as punishment for a crime |
| 14th Amendment | defines citizenship, contains the privileges or immunities clause, the equal protection clause, and deals with post-civil war issues |
| 15th Amendment | prohibits the denial or suffrage based on race, color, or previous condition of servitude |
| 16th Amendment | allows the federal government to collect income taxes |
| 17th Amendment | establishes the direct election of United States senators by popular vote |
| 18th Amendment | establishes prohibition of alcohol |
| 19th Amendment | establishes women's suffrage |
| 20th Amendment | fixes the dates of term commencements for Congress and the president; known as the lame duck amendment |
| 21st Amendment | repeals the 18th amendment |
| 22nd Amendment | limits the president to 2 terms, or a maximum of 10 years |
| 23rd Amendment | provides for representation of Washington D.C. in the Electoral College |
| 24th Amendment | prohibits the revocation of voting rights due to the non-payment of poll taxes |
| 25th Amendment | codifies the Tyler Precedent; defines the process of presidential succession |
| 26th Amendment | establishes the official voting age to be 18 years old |
| 27th Amendment | prevents laws affecting Congressional salary from taking effect until the beginning of the next session of Congress |
| The 1st 10 amendments are what part in the Constitution | the Bill of Rights |
| How many articles are there in the Constitution? | seven |
| How many states attended the Constitutional convention? | twelve out of thirteen (Rhode Island did not attend) |
| Describe Consumer Credit | must repay the principal, and pay the finance change (buy now. pay later) |
| What is Annual Percentage Rate (APR) | the yearly cost of credit |
| Why was the Federal Reserve established? | so that citizens would trust the bank again after the Great Depression happened |
| How do Federal Reserve banks get their money? | trust and bonds |
| What do banks do with the money not held in reserve? | they loan it to make interest |
| Why can't all depositors in a bank withdraw all of their money at once? | because they are loaning it to other people |
| List 3 ways the Federal Reserve can affect the money supply: | changing the amount kept in reserves; buying and selling government bonds; and loaning money out to bank when they are short on reserves |
| Why does the Federal Reserve want to affect the money supply? | to control inflation |
| What happens when to much money is in circulation? | inflation |
| What happens when too little money is in circulation? | recession |
| What is a monopoly? | when 1 company controls the supply of all, or most of, a good or service; little to no competition exists; potential rivals are unable to enter a market |
| What is Laissez Fair? | government approach to businesses during the late 1800's and early 1900's; changed after the Great Depression and today a businesses must follow |
| Define the Sherman Antitrust Act (1890) and Clayton Antitrust Act (1914) | made most monopolies illegal and created the Federal Trade Commission to enforce these laws |
| What is a Oligopoly? | when a few large companies control the supply of a good or service; since there are few they are dependent on each other |
| What is Collusion? | illegal agreement between companies in an oligopoly to raise prices and profits |
| Define Economic Indicators | measures of the condition of the economy |
| What is the Gross Domestic Product (GDP)? | total market value of all final goods and services produced in one year |
| What are the 5 types of unemployment? | frictional, structural, seasonal, cydical, and induced |
| What is Frictional unemployment? | natrual unemployment |
| What is Structural unemployment? | skill no longer meets the needs of employer |
| What is Seasonal unemployment? | products only in demand part of the year |
| What is Cydical unemployment? | unemployment from natrual cycle of economy |
| What is Induced employment? | caused by government policy |
| Define Monetary policy | Federal Reserves power to control the supply of money to help control inflation and to stimulate economy government |
| Define Fiscal policy | the governments' way of regulating the economy by increasing or decreasing taxes and through increasing or decreasing government spending |
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