83 terms

ECO 1301 gilbreath Test 3 PP ch 18-21

What is "Automation"
process of substituting machiens for workers
in what industry did the dupont company get its start
gunpowder industry
characterize the nature of conglomerates
american innovation - emerged when several fledgling entrepreneurs began to assemble companies with separated divisions that were totally unrelated to eachother
what two industries did teh US continue to lead the world in during the 1980s
aircraft construction and computers
what was America's largest industry by the end of WWII
building military planes
what was teh cold war
rivalry between US and USSR - hostile and nonviolent
what european rival appeared to challenge the american aircraft industry in 1970s
eurobus plane - sponsored by several west european gov't
what is "cryptology" and what is its relationship to the development of computers
study fo creating and deciphering secret codes - led to increased research into building electronic machines that could process information at superhuman speeds
what american corporation is associated with the early development of computers?
sperry-rand corporation
what two regions of the US have specialized in high-tech indsutries
silicon valley in norther cali and boston, mas
waht is the latest concept with regard to automation
development of robots with many versatile capabilities of human beings
where is the bulk of middle eastern petroleum sold
western europe and japan
what do the initials OPEC shadn for
organization of petroleum exporting countries
what kind of products were typaclly produce in american manufacturing plants overseas?
american inventions - sewing machines and agricultural machinery - automobiles and home appliances
what was the first foreign automobile to receive widespread acceptance in teh american economy
german volkswagen
what percentage of american car sales do foreign automobiles account for
how do most economists feel about erecting a tariff barrier
not in favor
what are arguments against erecting tarrifs
consumers benefit from free trade - lower prices imports = lower prices domestic goods - pressure from imports forces american forms to become more efficient
what are the main arguments supporting the erection of tariffs
use higher tariffs to reduce imports and protect jobs
characterize america's dependency on foreign energy soruces between 1920 and 1950
US not dependent on foreign energy sources - self sufficient
what happened to america's foreign energy dependency during teh 1970s and 1980s
greaty increased in 1970s then fell in 1980s
what is the so called "economic power triumvirate" int eh american economy
the power which is exercised by big business, big gov't, and big labor
whend did the federal gov't first began to give its support to union efforst to organize workers?
what happened to union membership between 1930 and 1970
cimbed from 3.5 mill to 20 million
what happened t union membership in the last 25 years
what is probably the biggest source of increase in family income in recent years
increase in productivity due to more technology
characterize public relations attacks on unions during the 1920s
attacked verbally as "communist sympathizers" - linked labor activity with outbreak of violence in new reports and editorials
what was the wagner act, when was it passed, and what did it provide for
part of bill of NRA revived and strengthened with wagner act - 1935 - establishment of the national labor relations board
what is an industrial union
labor union made up of workers with different occupations and skill levels
who was the leader of the UMW
john l lewis
what is teh CIO and what gave birth to it
congress for industrial organizations - lewis and other UMW officials frustrated by AFL and joined independent unions
what was the CIOs operating strategy
challenge largest business firms hoping that victories would strengthen CIO
what was the name of te union organizeing workers in teh auto industyr
united automobile workers
whend id the AFL and CIO merge
2 leanding personalities of merger of AFL and CIO
george meany and walter reuther
who was the leading organizer of the UAW
walter reuther
what are "cost of living escaltors"
atutomatic increases in wages baed on chagnes in cost of living stats
what is a common characteristic of high -income group of service workers
high level of educational achievement
prior to 1880 who performed most of the clerical work in the US
what technological innovation increased work of women in clerical jobs
what are the factors accounting for increase in umber of married women holding jobs outside the home today
growth of service sector offered to women - decline in birth rate - socially acceptable to place kids in daycare - increase standard of living and acquire more luxuries
in what industry did helena rubinstein make her fortune
cosmetics industry
what is a workaholic
somebody who displays a compulsive need to work hard and for very long hours
who founded motown recoreds
berry gordy jr
what percentage of GNP does gov't expenditures currently account for
over 33%
what is the nations largest economic enterprise
big government
what is the main expenditure of state and local gov'ts
what was the main source of tax revenues fors tate and local gov'ts at the turn of the 20th century
property taxes
what is "revenue sharing"
practice of distributing a portion of federal income to state and city gov'ts
waht are the implications for policy making at the state level when a large percentage of state revenues come from Federal gov't grants
fed gives money and says what to use the money for so state doesnt have much of a say in things
what are the factors that have accounted for growth of teh social security system
expanded to cover new groups of workers - more people eligible - live span lenghtened - minimum age lowered - increaed benefits
in genreal how well received have the social security and medicare programs been by the american public
well received
how did the development of the atomic bomb affect military expenditures in the US
increased military expenditures
what is the "military-industrial complex"
symbiotic relationship between a nation's armed forces, its arms industry, and associated political and commercial interests - military dependent on insutry
which president warned americans about the influence of the military-industrial complex
what percentage of the GNP did fed gov't expenditures account for by the mid 1980s
what is the key explanation for the growth of the fed budget in modern times
search for security
waht kinds of "security" have americans demanded from their gov't in modern times
military security, security for senior citizens, public assistance to the unemployed and households w/ dependent children
what are "indirect taxes"
levied on goods or services instead of companies and individuals - sales taxes
how are indirect taxes "disguised" or "hidden"
consumers pay them in process of buying imorted goods or designated items - hidden in price of goods
what does it mean to say that an income tax is "progressive"
rate was not uniform but rose in stages as income increased
what is meant when someone says that a taxing system is based on the "ability to pay"
tax rate fairly increases as the amount to which the rate is applied increases
what did the supreme court ruling on income taxes force the nation to do
to find different ways to gather gov't revenue
what were some of the forces giving rise to the acceptability of the 16th amendment of the constitution
measure necessary to thwart demands for even more radical changes in american society - socialist party was growing
when was the consitution amended to allow the levying of income taxes
what is the relationship between inflation and icome tax brackets
rapid inflation pushes citizens into higher tax brackets
how would 19th cent tax advocates feel about the tax structure in America today
would like it
what kind of incentive does the taxing of corporate profits have on teh accounting structure of corporations
gives incentives to accountants to try to avoid high taxes by understanding profits
what are 2 major arguments for eliminating the corporate income tax
corprations treat taxes as cost of doing business and lowering tax would lower prices for consumers -
why is the work of accountants and lawyers characterized as unproductive with regard to the assistance they provide corporations in preparing their tax returns and tax strategies
it contributes nothing to the output of useful goods and services
in what way is there a dual tax rate for social security
employees and employers have to pay percentage of total social security tax
what is the relevance of the public debt as a percentage of the GNP
gives us understanding of how much debt we have with regards to our gross output
how did president reagan's economic policies acount for the huge increase in the public debt
huge increases in public debt b/c of pledge to cut taxes and raise defense expenditures
how can one argue that president reagan practice keynesian economics
reliance on deficit spending to stimulate the economy
is the size of public debt today too high
what has been probably the most significant shortcoming in America's economic history
treatment of balck slaves
which nation hs the worlds largest GNP
what does it mean to say that the US has "witnessed relative econmic decline" in recent years
US position in global economy has decreased
what evidence can we turn to when illustrating the improved housing situation in america?
number of people in households decleaned while sq foot of homes increased -
do americans have the highest standard of medical care in the world
how much better off economically are americans today compared to their colonial ancestors
8-10 times higher
does the US have the highest per capita income in the world today
why is it possibly misleading to compare different nation's relative individual economic well-being by looking at per capita incomes?
per capita incomes may not be evenly distributed among its population