Unit 3 Glossary Quiz

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Public Policy

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55 Terms

1

Public Policy

The actions taken by government to prevent or encourage specific goals.

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2

Office of Management and Budget

A presidential staff agency that serves as a clearinghouse for budgetary requests.

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3

General Accounting Office

The independent agency that audits government expenditures.

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4

Congressional Budget Office

An agency of Congress that analyzes presidential budget recommendations and estimates the costs of proposed legislation.

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5

Tariff

A tax on imported goods.

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6

Fiscal Policy

Government taxing and spending policy to manage the economy.

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7

Supply Side Economics

The theory that tax cuts will expand economic activity.

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8

Laissez-Faire Economics

Economic theory that opposes governmental interference.

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9

Federal Reserve Bank

One of the twelve regional “banker’s banks” that in combination make up the Federal Reserve System.

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10

Excise Tax

A consumer tax on a specific kind of merchandise, such as tobacco.

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11

Sales Tax

A general consumer tax.

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12

Regressive Tax

A tax that weighs most heavily on those least able to pay.

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13

Progressive Tax

A tax graduated so that people with higher incomes pay a larger fraction of their income than people with lower incomes.

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14

Value Added Tax

A tax on increased value of a product at each stage of production and distribution rather than just at the point of sale.

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15

Tax Expenditure

Loss of tax revenue due to federal tax laws that provide special tax incentives or benefits to individuals or businesses.

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16

Deficit

The difference between the revenues raised annually from sources of income other than borrowing and the expenditure of government, including paying the interest on past borrowing.

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17

Debt

The accumulated total of federal deficits, minus surpluses, over the years.

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18

Inflation

A rise in the general price level (and decrease in dollar value) owing to an increase in the volume of money and credit in relation to available goods.

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19

Gross Domestic Product

An estimate of the total output of all economic activity in the nation, including goods and services.

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20

Entitlement Program

Government programs such as Social Security, Medicare, and unemployment insurance to qualified citizens are “entitled” by national legislation.

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21

Monetarism

The theory that money supply is the key factor in the economy’s performance.

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22

Subsidy

A government payment to a specific group.

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23

NAFTA

Agreement signed by the United States, Canada, and Mexico in 1992 to form the largest free

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24

Regulation

The attempt by government to control the behavior of corporations, other governments, or citizens through altering the natural workings of the open market to achieve some desired goal.

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25

Deregulation

A policy promoting cutbacks in the amount of federal regulation in specific areas of economic activity.

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26

Protectionism

A policy that favors domestic producers or workers.

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27

Taft-Hartly Act

The national law (1974) that restricted union rights.

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28

Closed Shop

A company with a labor agreement whereby union membership is a condition of employment.

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29

Union Shop

A company in which new employees must join a union within a stated time period.

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30

Collective Bargaining

Direct negotiations between an employer and a union over employment conditions.

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31

OSHA

The federal agency concerned with employee safety and health.

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32

Monopoly

Technically, a market in which only one supplier exists. Commonly, a market with few suppliers (oligopoly).

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33

Sherman Anti-Trust Act (1890)

The first major national law designed to prevent business monopoly and preserve competition.

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34

Trust

A monopoly that controls goods and services, often in combinations that reduce competition.

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35

Interlocking Directorate

A corporation in which an officer or director sits on the board of a competitor, with the effect of restraining trade.

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36

Clayton Act (1914)

The law that specifically exempted labor from its provisions while closing loopholes in the Sherman Anti

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37

Independent Regulatory Agency

A government agency that exists outside the three branches of government and is responsible for enforcing particular statutes.

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38

Federal Trade Commission

Established in 1914 to prevent unfair business methods.

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39

National Labor Relations Act (Wagner Act)

The 1935 law recognizing the right of workers to organize and bargain collectively.

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40

Right-To-Work Law

State law forbidding union shops.

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41

Clean Air Act

The law of 1990 that sets air standards, provides research funds, and establishes target dates for automobile emission controls.

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42

Monetary Policy

The policy that government adopts that attempts to manage the economy.

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43

Yellow Dog Contract

Employer contract with new employees where they promise not to join a union.

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44

Labor Injunction

Court order prohibiting certain acts such as performing a strike.

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45

Foreign Service

The government agency that, as an instrument of the State Department, develops and implements foreign policy.

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46

National Security Council

The committee created by Congress in 1947, composed of high ranking officials, that coordinate major decisions.

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47

National Security Advisor

The person who is appointed by and directly advises the President on national security matters.

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48

Central Intelligence Agency

The agency that gathers, evaluates and transmits information concerning foreign nations. It also carries out secret, covert operations.

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49

Bipartisanship

The policy that stresses cooperation and a united front between political parties in foreign policy.

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50

Economic Sanctions

A denial of export, import, or financial relations with a target country in an effort to change the nation’s policies.

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51

Joint Chiefs of Staff

The heads of various military services, who serve as advisors to the president.

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52

Deterrence

The philosophy underlying our defense strategy, which requires a U.S. capability to survive a “first strike” and respond so massively that they would not attempt a “second strike”.

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53

Military Industrial Complex

An alleged alliance between top military and industrial leaders, who have a common interest in arms production and utilization.

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54

Cold War

The post-World War II (1945-1990) tensions between the United States and the USSR and their respective allies.

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55

Most Favored Nation Status

An international trade policy whereby the United States grants to a country the same favorable trade concessions and tariffs that our best trading partners receive.

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