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Macro Econ Exam 2 Study Guide

by: Alexis Jackson

Macro Econ Exam 2 Study Guide Econ 102

Marketplace > Washington State University > Economcs > Econ 102 > Macro Econ Exam 2 Study Guide
Alexis Jackson
GPA 3.0
Macro Economics
Dr. Gibson

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Macro Economics
Dr. Gibson
Study Guide
50 ?




Popular in Macro Economics

Popular in Economcs

This 7 page Study Guide was uploaded by Alexis Jackson on Thursday January 29, 2015. The Study Guide belongs to Econ 102 at Washington State University taught by Dr. Gibson in Fall. Since its upload, it has received 499 views. For similar materials see Macro Economics in Economcs at Washington State University.


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Date Created: 01/29/15
BLAW 210 Studv Guide How to make an ethical decision 0 l Recognize an ethical issue 0 2 Get the facts 0 3 Evaluate alternatives 0 4 Make a decision 0 5 Act and re ect on the outcome Difference between law and ethics 0 You love coke but the law doesn t Chanter 1 Jurisprudence 0 The philosophyscience of the law Equity court or court of chancery I Established because of unfair results and limited remedies in the law courts I The chancellor s remedies were called equitable remedies because they were shaped to fit each situation Constitutions 0 Legislative branch congress 0 Make the law 0 Executive branch president 0 Enforce the law 0 Judicial branch courts 0 To interpret and determine the validity of the law Treaties O a contract made between 2 nations 0 President can enter into treaties with the consent of 23 of the senate Federal Statutes O Statutes I Written laws that establish certain courses of conduct that covered parties must adhere to I Congress empowered to enact federal statutes I State legislatures enact state statutes Ordinances 0 State legislatures delegate lawmaking authority to local government bodies I These governmental units are empowered to adopt ordinances I Local government bodies 0 Cities and municipalities I Counties I School districts 0 Water districts Executive Orders 0 Order issued by a member of the executive branch of the government I ie president state governors Administrative agencies 0 Agencies that the legislative and executive branches of federal and state governments are empowered to establish I They adopt rules and regulations to interpret statues that they are authorized to enforce I Their decisions are called orders I They have the power to hear and decide disputes Judicial Decisions 0 A decision about an individual case issued by a federal or state court Doctrine of Stare Decisis 0 Based on common law tradition 0 Past court decisions become precedent for deciding future cases I Precedent rule of law established in a court decision 0 Lower courts must follow the precedent established by higher courts 0 Stare decisis let the decision stand adherence to precedent Priority of Law in the US US constitution and treaties take precedence over all other laws Federal statutes take precedence over federal regulations Valid federal law takes precedence over any con icting state or local laW State constitutions rank as the highest state laW State statutes take precedence over state regulations Valid state law takes precedence over local laws OOOOOO Chapter 2 Chapter 3 Two major court systems 0 Federal court system 0 Court systems of the 50 states and territories of the United States State Court Systems 0 Limited jurisdiction trial courts 39Courts that hear matters of specialized or limited nature 0 Tax divorce traffic courts 39EVidence can be introduced and testimony can be given 0 General jurisdiction trial courts 39Courts that hear cases of a general nature that are not Within the jurisdiction or limited jurisdiction trial courts 39Testimony and eVidence at trial are recorded and stored for future reference 0 Intermediate appellate courts 39Courts that hear appeals from trial courts 39No new eVidence or testimony is permitted 0 Highest state court I The highest court in a state court system I It hears appeals from intermediate appellate state courts and certain trial courts I Decisions are appealable to the US supreme court US District Courts 0 The federal court system s trial courts of general jurisdiction 0 There are 94 district courts 0 The geographical area served by each court is referred to as a district US Courts of Appeals 0 The federal court systems intermediate appellate courts 0 Circuit the geographical area served by each court 0 13 circuits in the federal court system I First 12 are geographical I The 12th circuit is the District of Columbia Circuit I The 13th court of appeals is called the Court of Appeals for the Federal Circuit 0 They have special jurisdiction to reVieW the decisions of the 0 Court of Federal Claims 0 Patent and Trademark office 0 Court of international trade Supreme Court of the United States 0 Highest court in the US 0 Located in Washington DC 0 Composed of nine justices Who are nominated by the president and confirmed by the senate I Chief Justice of the US Supreme Court 0 Appointed by the president 0 Responsible for the administration of the Supreme Court I The other eight justices are Associate Justices of the US Supreme Court Jurisdiction of the US Supreme Court 0 It is an appellate court I It hears appeals from federal circuit courts of appeals and under certain circumstances from federal district courts special federal courts and the highest state courts I No new eVidence or testimony is heart I The supreme court s decision is final Decisions of the US Supreme Court 0 Unanimous I All the justices voting agree as to the outcome and reasoning used to decide a case I Sets precedence for later cases 0 Majority I A majority of the justices agree as to the outcome and reasoning used to decide a case I It sets precedence for later cases 0 Plurality I A majority of the justices agree as to the outcome of a case but not as to the reason for reaching the outcome I Does NOT set precedence for later cases 0 Tie I The lower court decision is affirmed I It does NOT set precedence for later cases Jurisdiction of Federal Courts 0 Federal question I Cases arising under the US constitution treaties and federal statutes and regulations I There is no dollaramount limit for federal question cases that can be brought in federal court 0 Diversity of citizenship I Cases between citizens of different states or between a citizen of a state and a citizen or subject of a foreign country I Federal courts must apply the appropriate state law I The controversy must exceed 75000 for the federal court to hear the case Jurisdiction of State Courts 0 State courts and the courts of Washington DC and territories of the US have jurisdiction to hear cases that federal courts do not have jurisdiction to hear Standing to sue 0 Means some stake in the outcome of a lawsuit Longarm statute O A statute that extends a state s jurisdiction to nonresidents who were not served a summons within the state I Exercise of long arm jurisdiction permitted over nonresidents who have I Committed torts within the state 0 Entered into a contract in the state or that affects the state I Transacted other business in the state that caused injury to another person Venue O A concept that requires lawsuits to be heard by the court with jurisdiction that is nearest the location in which the incident occurred or where the parties reside 0 Change of venue may be requested so that an impartial jury can be found 0 The courts frown upon forum shopping I Forum shopping looking for a favorable court without a valid reason 0 Forum selection clause I A contract provision that designates a certain court to hear disputes concerning the nonperformance of a contract I Choice of law clause a contract provision that designates a certain state s law or country s law to be applied to disputes concerning the nonperformance of a contract Administrative Agencies 0 Agencies that governments create to enforce regulatory statutes 0 Administrative Law I Law that governments enact to regulate industries businesses and professionals 0 Combination of substantive law and procedural law 0 Substantive administrative law law that is enforced by the administrative agency 0 Procedural administrative law establishes the procedures that an administrative agency must follow while enforcing substantive administrative laws Federal Administrative Agencies 0 Created by the US congress 0 State administrative agencies I Agencies created by legislative branches of states to administer state regulatory laws 0 Local administrative agencies I Agencies created by cities municipalities and counties to administer local regulatory law 0 Substantive rule I A rule issued by an administrative agency that has the force of law and to which covered persons and businesses must adhere Powers of Administrative Agencies 0 Rule making I Authority to issue substantive rules 0 Judicial authority I Authority to adjudicate cases through an administrative proceeding 0 Executive power I Power to investigate and prosecute possible violations of statutes and rules I Power to issue an administrative subpoena 0 Licensing I Power to issue a license before a person can engage in certain professions or businesses Administrative law judge ALJ 0 An employee of an administrative agency who presides over an administrative proceeding and decided questions of law and fact I ALJ s decision is issued in the form of an administrative order 0 Decisions are subject to judicial review Voir Dire process whereby the judge and attorneys ask prospective jurors questions to determine whether they would be biased in their decisions After selection the jury is impaneled to hear case Alternative jurors are usually also selected


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