True
False
The US Government is currently running a budget surplus for Fiscal year 2009.
True
False
Which of the following "market" events can lead to a "self-correction" that can pull an economy out of a recession.
a. prices on goods can drop so more folks can buy more goods
This president co-ordinated fiscal and monetary policy, raised taxes on your instructor but got the fed to cut interest rates, helping folks in debt the most.
a. Carter
b. Bush Sr.
c. Reagan
d. Obama
e. Bush Jr
f. Clinton
Wrote the "Wealth of Nations" in 1776, arguably the most important book since the bible.
a. Thomas Jefferson
b. Adam Smith
c. John Adams
d. Jefferson Smith
The unemployment rate peaked at about 13% under which president below?
a. Carter
b. Obama
c. Reagan
d. Bush Jr.
e. Clinton
To which country listed below does the US owe the most $$ for having financed our national debt?
c. China
d. Japan
c. demand=supply
Energy prices were relatively stable from the 1950s to the 1970s.
True
False
b. an election occurs
c. there is a demand for a good or service (which may have not existed before)
d. they knock down an old strip center and put up a new one
e. all of these
When a market "peaks" the market is saturated with goods and services or Demand = Supply i(n other words...)
True
False
Stagflation occurs when you have high unemployment and high inflation at the same time, like in the 1970s.
True
False
Luxembourg leads the world with the highest per capita GDP. US and Swedish GDP per capita is about the same.
True
False
Today, Corporate Income Taxes comprise the #1 source of Federal Tax Revenues.
True
False
You are the chairman of the Federal Reserve Board, the economy is growing too much, inflation is taking off, demand is far greater than supply. The unemployment rate is low. What can you do to slow down demand and bring inflation under control?
a. nothing
c. the guy who used false budget projections to get Congress to agree to Reagan's tax cuts.
The economy is "contracting"; inflation is not a problem as prices are falling. The unemployment rate is increasing. You are the Chair of the Federal Reserve Board. What can you and the "Fed" do to turn the economy around?
a. all of these
d. you can cut interest rates by cutting the money supply a LOT
The unemployment rate in the US today is HIGHER than it was during the great depression of the 1930s.
True
False
a. demand increases
b. unemployment declines
True
False
a. Supply Side Economics describes what government Monetary Policy should be, not what fiscal policy should be.
c. Supply Side Economics advocates cutting the prices of goods to stimulate economic growth rather than stimulating demand by increasing wages.
d. Supply-Side Economics advocates cutting taxes and raising government spending to stimulate economic growth.
This is the policy where the government raises or lowers interest rates in order to speed up or slow down interest rates.
a. fiscal policy
b. monetary policy
c. economic policy
d. debt service
Interest rates are historically higher now than at any point since 1970.
True
False
Oil prices plummeted in (around) 1986, helping to bring inflation under control, lowering unemployment and causing a bust in the Texas housing market.
True
False
c. all of these
This international incident triggered the OPEC oil embargo of 1973 which resulted in a quintuple increase in oil and gas prices in 3 months, wrecking havoc on the US economy and causing the Latin American debt crisis which helped lead to the S&L crisis in the 1980s.
d. none of these
According to your instructor, Supply Side economics seeks to cause economic growth by making wealth people wealthier.
True
False
a. Clinton
b. Bush Jr.
c. Reagan
d. Bush Sr.
Reagan was able to cut taxes, raise military spending and balance the budget, as promised.
True
False
Which of the following is NOT a provision of the 2001 USA PATRIOT Act?
b. It allows detention of non-citizens for up to seven days without being charged with a crime
c. The Act gives the authority to conduct secret investigations of suspected terrorists.
A policy-making instrument composed of loosely related interest groups, congressional committees, presidential aides, and other parties is called a(n)
a. policy web.
b. issue network.
c. iron triangle.
d. agenda alliance.
e. executive committee.
a. give unemployed workers cash grants to get them through the summer.
c. retired persons.
d. disabled workers.
Figure 17-4 illustrates that the total size of the Federal Register increased the most in which of the following periods?
a. 1971-1976
b. 1946-1951
c. 1981-1986
d. 1991-1996
e. 1936-1941
a. programs such as unemployment insurance, disaster relief, or disability payments that provide benefits to all eligible citizens.
b. programs in which eligibility is based on prior contributions to government, usually in the form of payroll taxes.
d. programs such as Medicaid and welfare under which applicants must meet eligibility requirements based on need.
e. the many programs that the federal government provides to protect Americans against economic and social misfortune.
Which of the following is NOT a way in which issues become part of the policy agenda?
a. programs such as Medicaid and welfare under which applicants must meet eligibility requirements based on need.
b. programs in which eligibility is based on prior contributions to government, usually in the form of payroll taxes.
d. the many programs that the federal government provides to protect Americans against economic and social misfortune.
e. programs such as unemployment insurance, disaster relief, or disability payments that provide benefits to all eligible citizens.
a. tripled.
b. doubled.
c. increased 150%.
e. quadrupled.
a. $2 trillion
b. $966 billion
c. $341 billion
d. $755 million
e. $56 million
The movement of public opinion toward public policy from initial enthusiasm for action to realization of costs and a decline in interest is called a(n)
a. issue-attention cycle.
b. policy progression.
c. issue flowchart.
e. policy agenda.
a. policy agenda.
b. policy context.
Which of the following is a way in which government can convey a public policy to the nation?
b. Official proclamation
c. Elections
d. News bulletins
e. Press conferences
c. spending money.
Social Security, air traffic control, national defense, and education spending are examples of _________________ policy.
a. regulatory
b. redistributive
c. unrewarded
d. distributive
e. pejorative
The list of issues that the federal government pays attention to is called the
a. federal docket.
b. presidential priorities.
c. policy agenda.
d. implementation items.
e. programs watch.
b. regional
c. ethical
d. religious
e. federal
a. judicial.
b. triangular.
c. punctuating.
d. incremental.
e. comprehensive.
Efforts to study an issue, appoint a blue-ribbon commission, or highlight the need for future action are examples of _______________ benefits.
a. symbolic
b. pretend
c. enlisted
d. federal
e. regulatory