Instructions: Identify the Following

question 95

Essay

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Separation of powers, checks and balances, federalism

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Definitions:

Federal Funds

Reserve balances that commercial banks hold at Federal Reserve Banks, often referred to in the context of the federal funds rate, which is the interest rate at which banks lend to each other overnight.

Income Tax

Tax levied by a government directly on income, including wages, salaries, and investments.

Constitution

The fundamental principles and established precedents according to which a state or other organization is governed.

Police Power

The power retained by each state to pass laws that protect the health, safety, and welfare of its citizens.