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protects the freedom of speech, religion, press, the right to assemble, and to petition the government
prohibits unreasonable searches and seizures and set out requirements for search warrants based on probable cause
Sets out rules for indictment by grand jury and eminent domain, protects the right to due process, and prohibits self-incrimination and double jeopardy
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
prohibits excessive fines, and excessive bail, as well as cruel and unusual punishment
limits the powers of the federal government to those delegated to it by the constitution
immunity of states from suits out-of-state citizens and foreigners not living within the state borders (lays the foundation for sovereign immunity)
defines citizenship, contains the privileges or immunities clause, the equal protection clause, and deals with post-civil war issues
prohibits the denial or suffrage based on race, color, or previous condition of servitude
fixes the dates of term commencements for Congress and the president; known as the lame duck amendment
prevents laws affecting Congressional salary from taking effect until the beginning of the next session of Congress
How many states attended the Constitutional convention?
twelve out of thirteen (Rhode Island did not attend)
Why was the Federal Reserve established?
so that citizens would trust the bank again after the Great Depression happened
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
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 the Gross Domestic Product (GDP)?
total market value of all final goods and services produced in one year
Define Monetary policy
Federal Reserves power to control the supply of money to help control inflation and to stimulate economy government
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