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by: Kylie Jakubowski


Kylie Jakubowski
Texas State
GPA 3.78

C. Arnold

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C. Arnold
Class Notes
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This 4 page Class Notes was uploaded by Kylie Jakubowski on Wednesday September 23, 2015. The Class Notes belongs to POSI 2320 at Texas State University taught by C. Arnold in Fall. Since its upload, it has received 11 views. For similar materials see /class/212786/posi-2320-texas-state-university in Political Science at Texas State University.

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Date Created: 09/23/15
Polilical Science 2320 Arnold Exam 2 Review Review Guide for Test 2 in Functions of American Government The exam will have 50 multiple choice and truefalse questions Please note that this study guide is not exhaustive however it should be a very good beginning point for you in studying for the exam Which parfy lends fo favor spending cufs as a mefhod of budgefary confrol Republicans Spending increasesDemocrals Tax increasesDemocrals Tax cufs Republicans Why in fhe lafe 1990s did fhe Unifed Sfafes experience budgef surpluses Ivlild laX increases spending culs and burgeoning laX revenue Whaf is fhe difference befween classical 39 fheory quot fheory supplyside economics and monefary economics Classical Theomzlhe markel as a self adjusling mechanism 0 Laissez Fair no governmenl involvemenls 0 Adam Smilh Keynesian Economic Theory The crealion of demand lhrough spending and lowering laxes crealion of deficils lo gel oul of recession 0 Governmenl should play a bigger role 0 If you gel in a spiral you cannol adjusl yourself 0 Crealed a demand lhrough spending and lowering laxes Increased deficils Supply side Economics TaX incenlives laX culs and reduced governmenlal spending lo allow for grealer produclivily and inveslmenl lrickle down economics 0 1980 o Allows for grealer produclivily a Ivlonelam Economics fine luning lhe economy lhrough regulalion of lhe money supply 0 You can conlrol lhe money supply by increasing or decreasing lhe size of inleresl rales o More borrowing puls more money inlo circulalion Who is Adam Smifh Wrole lhe Weallh of Nalions in 1776 which limiled governmenls role Who is fhe currenf chairman of lhe Fed Ben Bernake Whaf was TARP 800 billion dollar legislalion lo bailoul financial inslilulions PoliTical Science 2320 Arnold Exam 2 Review Whal is The largesT source of federal revenue 2010 a 42 Individual Income Taxes a 40 Social Payroll Taxes 9 CorporaTe Income Tax 3Excise Tax a 6 OTher Receist Which Tax is The largesT for mosT American Taxpayers Social SecuriTy Tax due To The way iT is sTrucTured IT is Taxed aT The same raTe up To 106000 The Top 50 of all Taxpayers pay of whal lhe governmenl lakes in wilh regards To The income Tax A 97 Know The quotquot 39 g 39 g 39 and flal laxes Be able lo idenlify which Taxes are progressive a Progressive Taxes require high income groups To pay larger percenTage of Their incomes in Taxes Than low income groups 0 Example Income Taxes 0 Marginal UniTy Theory 0 People say iT isn T fair because of The marginal uniTy Theory The IasT 1000 is imporTanT To a lower income person Than The IasT Thousand is To a rich person Regressive Taxes ProporTional of FlaT Tax Taxes ThaT require all income groups To pay The same percenTage of Their income Taxes Whal are some of lhe argumenls given for a flal Tax SimpliciTy currenT Tax Code has over 100000 pages of rules and regulaTions UniversaliTy all income subjecT To The same Tax raTes No Loopholes Fairness progressiviTy discourages iniTiaTive and enTerprise while encouraging The seeking of Tax shelTers The underreporTing of income and Tax evasion Loop Holes and Groups TargeTed Tax breaks deducTions exempTions and exclusions likely To creep back inTo Tax laws Examples Home buying DeducTions for chariTable conTribuTions EnTerTainmenT deducTions CapiTal Gains profiT from The buying and selling of asseTs Polifical Science 2320 Arnold Exam 2 Review A Nalional Sales Tax Simplicin Penolizes spending consumplion ond encourages soving Gels ol lhe underground economy Encouroges oclivilies lhol produce income workings inveslmenl slorling businesses llll Whal is proleclionism loriffs quolos ond olher borriers lo free lrode When did lhe Uniled Slales follow proleclionisl policies a From WWI lo WWII Whal was lhe SmoolHawley Acl a High loriffs ploced on foreign goods belween WWI ond WWII Whal does comparalive advanlage mean a if nolions devole more of lheir resources lo lhe produclion of lhose goods lhol lhey produce mosl efficienlly ond lrode lhose goods lhol olher nolions produce more efficienlly lhen dII lroding nolions benefil We should lrode speciolized goods lo lower prices In lhe Uniled Slales who benefils from lhe growlh in inlernalional lrade Beller for eXporlers direclly ond indireclly increosed Morkel Consumers Benefils lower prices Skilled workers in fovored eXporling induslries Skilled Workers Fovored Induslries Aircrofl Compulers Scienlific Who is disadvanlaged UnskiIIed workers a Growing gop belween lhe rich ond poor Jobs Losl Which US polilical pany has lended lo favor proleclionism in lhe recenl pasl Democrols Be able lo characlerize US lrade policy Whal did we mean when we said lhal lhe US had a lwopronged lrade slralegy a Globol Reduclion on Toriffs WTO World Trode Orgonizolion lowered loriffs Regionol inlegrolion NAFTA Norlh Americon Free Trode Agreemenls eoses imporls ond eXporls belween US Mexico ond Conodo Whal are some lhe benefils lo grealer inlernalional lrade for lhe Uniled Slales a Increose on oggregole income ond inveslmenl Some of lhe disadvanlages Jobs Iosl Forcing olher sloles honds olher counlries ore finding benefils in regionol lrode ogreemenls


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