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Terms in this set (34)Match the statement on the left with the economic philosophy it represents on the right. -Laissez-faire capitalism: The best thing the government can do for the economy is stay out of it as much as possible. -Keynesianism: The government can control the business cycle by strategically spending or changing the tax rate. -Supply-side economics: Lower taxes lead people to work harder, which increases overall revenue for the government. Place the following events in the history of American economic policy in chronological order. -The great depression begins While ----- involves proposals such as cap-and-trade and raising the gasoline tax, ------ involves plans such as building stronger flood walls and relocating individuals living in flood-prone areas. -Mitigation Which of the following are examples of public policy? -A federal rule issued
by an agency Match the economic goal on the left with the example on the right that best demonstrates it. -Protect employees and consumers: Congress calls the head of General Motors to testify over faulty car ignition systems. -Promote business development: The government awards over one billion dollars in funding to microchip consortium Sematech -Promote economic prosperity: The national science foundation awards million of dollars in research grants. -Promote stable markets: Congress enacts a single national regulation for car emissions. Imagine that the nation has just entered an unexpected recession. Place the following items in the order in which we would expect them to occur according to a textbook approach to monetary policy. -The federal Reserve
lowers the target for the federal funds rate. Which of the following methods are currently being considered by the federal government to deal with climate change? -Promoting alternative
technologies The following video discusses the actions taken by -Interest rates were set to almost zero percent, leaving the Fed no room to reduce them further. Watch the animation below, and then select which of the following groups are disproportionately likely (relative to their percentage of the population) to earn the minimum wage. -women Federal government authorized spending on new seawalls to contain flooding due to climate change is an example of what concept? Adaptation Match the political parties to their beliefs about economic policy. -Republican Party: Lower taxes overall, reduced government spending in general, less government regulation in general.
Which of the following taxes are regressive taxes? -Social security tax The belief that cutting the marginal tax rate can actually increase the amount of revenue the government collects is most compatible with which economic theory? -Supply-side economics In which decade did environmental regulation first become a priority of the federal government? Enter 1820 for the 1820s, 1940 for the 1940s, etc. 1970 Taxing and spending is related to ----- policy, while ----- policy is related to regulating the economy through manipulating credit and interest rates 1.) Fiscal The ----- is the main part of the government responsible for ensuring that ----- stays at a reasonable rate, usually around 2 to 3 percent per year. 1.) Federal Reserve Which organization sets the president's proposed budget for the year? Office of management and budget Which of the following interest groups is consistently considered the most powerful in lobbying the government about economic issues? Business organizations Why are environmental issues often considered economic issues as well? -Attempting to solve environmental issues usually imposes an economic cost. Which of the following statements are correct? -The
congressional budget office is in the legislative branch Which of the following items are examples of public goods? -National
defense The Environmental Protection Agency has weakened regulations of greenhouse gases since 2009. False Categorical grants help achieve which goal of economic policy? Promoting business development At the federal level, those in the ----- pay the highest share of their income towards taxes. When discussing state and local taxes, those in the ----- pay the highest share of their income towards taxes. 1.) top 1% Which of the following statements about gross domestic product (GDP) are true? -It is a traditional measure of a country's economic growth Why do supply-side economists believe that tax cuts will lead to more economic growth? They believe the tax cuts will provide an incentive for people to work more and invest more Which of the following are examples of government policies that promote alternative technologies? -Providing
tax incentives for producing clean energy Which of the following are tools that the Federal Reserve can use to carry out monetary policy? -Engaging in open-market operations Actions that the ---- government(s) took after the publication of Upton Sinclair's The Jungle in 1906 and Ralph Nader's Unsafe at Any Speed in 1965 are examples of the desire to -----. 1.) Federal Reducing emissions is part of what approach to combating climate change? Mitigation Which of the following statements describe how the federal government promotes the free market and economic prosperity? -The securities and exchange commission provides a transparent and safe capital market In 1960, the average price of a loaf of bread was 30 cents. By 1990, the average price was $1.30, and today it is around $3.00. This is a description of what concept? Inflation
Using the graphs, sort the following states into those whose minimum wage was higher in 2015 than in 1979 and those whose minimum wage was about the same, after accounting for inflation. Kansas, California, Illinois Which of the following statements would a Keynesian agree with? -Tax cuts and increased spending during recessions are good ideas Recommended textbook solutions American Government1st EditionGlen Krutz 412 solutions United States Government: Our Democracy1st EditionDonald A. Ritchie, Richard C. Remy 1,148 solutions Street Law: A Course in Practical Law9th EditionMcGraw-Hill Education 808 solutions
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Why do supplyWhy do supply-side economists believe that tax cuts will lead to more economic growth? They believe that tax cuts will provide an incentive for people to work more and invest more.
What is the idea behind supplySupply-side economics holds that increasing the supply of goods translates to economic growth for a country. In supply-side fiscal policy, practitioners often focus on cutting taxes, lowering borrowing rates, and deregulating industries to foster increased production.
How do tax cuts increase the economy quizlet?If government increases it spending or buys more goods and services it triggers a chain of events that raises output and creates jobs. Tax cuts encourage the economy to expand.
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Which economic theory adopted the idea that cutting the marginal tax rate can actually increase government revenue quizlet?
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