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Civics & Economics Exam Review

From notes and web stuff
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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