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12 Cards in this Set
- Front
- Back
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What do we mean when we say the United States has a “mixed economy”?
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that it is privately owned and government owned; ours is 90% private
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What are the main economic problems that advanced industrial societies typically are concerned with over time?
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controlling inflation, stifling unemployment, and achieving economic growth
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What is the philosophy of Social Darwinism, and why did many American businessmen find it so appealing?
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survival of the fittest; the rich have gotten their because they are the best and the poor are the weak links; it justified behavior and tactics used to get to the top
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For what was William Jennings Bryan arguing in his famous "Cross of Gold" speech in 1896?
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support of free silver; silver increase inflation which is good for debtors
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What seems to have been chiefly responsible for the economic boom that the United States experienced in the 1920s?
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consumerism (canned meat, flappers, industrial expansion, low interest rates)
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What were some of the things about American society that “disenchanted” intellectuals of the 1920s (the “Lost Generation”) were critical of?
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materialistic America, too superficial, lack of intellectual curiosity
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What were the principal causes of the Great Depression?
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lack of diversity in economy; only two industries -- automobile and house construction
low interest rates to people who can't afford loans – banks fail |
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What was the aim of most New Deal programs?
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to create jobs; Social Security Act – put in place old age retirement system, unemployment check, supplemental income program
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What New Deal legislation has had the widest impact over the last 70 years?
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Social Security Act; then Medicare
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What characterized the American economy of the 1950s?
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Decade of Affluence; people moving away from cities moving into suburbs into ticky tacky houses
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In the 1970s, a sharp increase in the price of what commodity had a profound effect on the economy?
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oil; Arabs stop shipping to us because of poor support of Israel
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What was the idea behind the "supply-side" economic policies tried by the Reagan Administration in the 1980s?
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cut taxes and let people spend extra money; opponents say government should collect taxes and spend money themselves; poor always get screwed
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