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Chapter 18
Economic Policy
50
Plant Sciences
12/07/2011

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Term
The current debate over raising the retirement age affects which of the following programs?
Definition
Social security
Term
________ is a similar action to deficit spending
Definition
using a credit card
Term
unemployment insurance payments
Definition
vary dramatically by state
Term
the costs of social security
Definition
are expected to exceed revenues around 2015 or shortly thereafter
Term
When president George Bush signed the economic stimulus act of 2008, he was passing the doctrine of
Definition
interventionism
Term
one justification given for economic payments to americans in 2008 was that the government has a responsibility to prevent economic downturns. This is an example of the philosophy of:
Definition
interventionism
Term
before ______ a person in a small town would have has a better chance of living close to a commercial airport
Definition
deregulation
Term
which of the following are arguments against economic stimulus payments?
Definition
deficit spending has serious future ramifications
government cannot control how stimulus payments are used.
Term
which of the following would be most likely to occur in a mixed free-enterprise system?
Definition
a bidding war between two cable companies to offer the lower price
Term
the first major effort by the national government to protect consumers involved
Definition
meatpacking
Term
congress passed the troubled asset relief program to speed recovery from the poor economic conditions in the US resulting from
Definition
the sub-prime mortgage crisis of the 2000's
Term
the unemployment rate in 2010 was
Definition
around 10 percent
Term
all of the following are examples of entitlement programs EXCEPT:
Definition
public housing
Term
the first major effort to regulate business occurred following:
Definition
the growth of railroads
Term
During the new deal, congress established or enacted all of the following EXCEPT: the
Definition
Shipping Standards Act
Term
which of the following was NOT a factor that contributed to the surge of social regulation in the late 1990's and early 1970's?
Definition
Business became much greedier, thus promoting backlash
Term
The program instituted by President FDR to overcome the Great Depression was the
Definition
New Deal
Term
All of the following reforms encouraged by federal reserve board chairman Ben Bernanke EXCEPT
Definition
the creation of one nation bank to limit bank failures
Term
which of the following are components of the Social security act of 1935?
Definition
Old-Age insurance
unemployment insurance
Term
during our nations first century, most private economic regulation was done by the
Definition
states
Term
in 1890, congress passed the ______, a law designed to prohibit monopolies
Definition
Sherman Anti-trust Act
Term
what do the Great Society, the New Deal and Personal Responsibility and Work opportunity reconciliation act of 1996 have in common?
Definition
they all indicate major shifts in social policy
Term
which of the following is/are true about supplemental social security income?
Definition
coverage includes needy people who are permanently disabled
beneficiaries can only have limited income
Term
the rights of labor to organize and bargain collectively come from the
Definition
wagner act
Term
which of the following policy areas appeared to be given the most priority in allocating funds for the recovery act?
Definition
tax cuts
Term
how many americans benefit from social security (OASDI)
Definition
between 50 and 55 million
Term
workers earned their highest min wage during the ________ administration
Definition
Gerald Ford
Term
Which of the following states has an unemployment rate greater than 10 percent in 2010?
Definition
Tennessee
Term
The $700 billion bailout
Definition
failed to pass congress the first time, but succeeded the second
Term
which of the following organizations would be most supportive of an expansion of free trade?
Definition
General Motors
Term
in 1887, congress adopted the interstate commerce act, which was designed to
Definition
regulate railroads
Term
the initial purpose of the food stamp program was to
Definition
expand domestic markets for farm commodities
Term
which of the following are likely reasons for the government to be running a deficit?
Definition
military invasions
economic recession
tax cuts
Term
all of the following are features of TANF EXCEPT
Definition
single pregnant women must work through the ninth month of pregnancy
Term
the fair labor standard act of 1938 established
Definition
a federal min wage
Term
congress passed the federal reserve act in 1913 to
Definition
regulate the national banking system and provide flexibility to the money supply
Term
which of the following is NOT a method used by the republican party to fix the economic downturn in the early 2008
Definition
implementing a keynesian deficit spending approach
Term
if the president wanted to decrease the defense spending and increase monetary aid to victims of natural disaster, which of the following groups would be MOST likely to balance the new distribution of spending?
Definition
the office of management and budget
Term
conservative scholars credit the ______ for creating the economic growth that stalled a rise in unemployment in 2010
Definition
tarp program
Term
many people believe that it is necessary to set up ________ to protect the US from overseas competition
Definition
a protectionist system
Term
all of the following indicate that 2008 marked the beginning of a period of economic instability in the US economy EXCEPT
Definition
higher voter turnout
Term
the doctrine of ______ opposes government involvement in the economy
Definition
laissez-faire
Term
which of the following can be purchased using food stamps in Alaska?
Definition
Herb Seeds
Candy
Term
_______ is one of the two policy areas in which the government spends most of its money
Definition
purchasing military weapons
Term
which of the following is MOST relevant to growing concern over the prevalence of conglomerates?
Definition
The Sherman Anti-Trust act
Term
_____ established the legitimacy and viability of national governmental intervention in the economy
Definition
The New Deal
Term
The ______ act of 2009 was designed to create jobs and cut taxes through deficit spending
Definition
american recovery and reinvestment
Term
chinas emergence as a major economic power has created all of the following EXCEPT
Definition
an increasingly capitalist society
Term
The Earned income tax credit and supplimentary income have what in common
Definition
benefits are only distributed to those who earn less than pre-determined income amount
Term
all of the following scenarios would be affected by income security EXCEPT
Definition
a college students decision to take summer classes and not take a job