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| GDP refers to the sum of all ___________ and ___________ made by a nation in a given year. |
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Term
| Which of the following groups would be most likely to pay a higher portion of their income on sales taxes? |
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Definition
| people earning less than 30,000 a year |
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| The Federal government provides social programs for citizens who need assistance. ___________ is an example of a program for the elderly and disabled; ___________ is an example of a program for the economically disadvantaged. |
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Definition
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| ___________ interest rates make it more difficult for consumers to ___________ money. |
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| which of the following income security programs has the largest number of recipients? |
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| inflation is usually a more serious danger during periods of economic ___________ . |
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| the government sets a standard ___________ to determine whether or not individuals or families qualify for social programs. |
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| the task of the federal reserve board is to avoid both inflation and recession by ___________ . |
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Definition
| regulating the money supply |
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Term
| a deficit results when ___________ . |
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Definition
| the government spends more than it receives in revenue |
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Term
| in its simplest terms, monetary policy involves managing ___________ . |
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Definition
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Term
| which of the following government policies most directly protects consumers? |
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Definition
| tighter regulation of U.S. industries |
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Term
| In the budget process, certain expenditures such as ___________ are mandated by the law |
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Definition
| payment of interest on the national debt |
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| in response to the rising ___________ , fiscally conservative policy makers have promoted spending ___________ on needs-based social welfare programs. |
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| the two general kinds of safety net programs in the United States are social insurance programs, such as Social Security and Medicare, and ___________ programs, such as Temporary ASsistance to needy families and medicaid |
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| ___________ refers to the decisions regarding the supply of money in the economy. |
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| American's political culture has an effect on government policies. Many americans believe that individualism and personal responsibility are extremely important, making it more difficult to gain political support for ___________ . |
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Definition
| increases in welfare programs |
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| a system of taxation in which higher-income groups pay taxes based on a larger percentage of their incomes than do lower-income groups is called ___________ . |
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| To reduce or contain the federal deficit, Congress must ensure that ___________ does not exceed ___________ . |
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| When the government directly intervenes in the economy by spending government funds, this is an example of ___________ . |
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| a rise in the general level of prices, not just the prices of some products, is known as ___________ . |
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Definition
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| the gross domestic product is a statistic that measure all goods and services produced by individuals and businesses in a country. an indication of healthy economy would be ___________ . |
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Definition
| steady, long-term increases in the GDP |
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Term
| The U.S. has a progressive tax system, which places the burden more heavily on which group of individuals? |
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Definition
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Term
| Which American belief runs counter to the creation of a generous and comprehensive social welfare system? |
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Definition
| the belief in competitive individualism |
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| the creation of the fda is an example of |
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Definition
| government protection of consumer interests |
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Term
| as social security insurance and retirement receipts fall, the resultant loss in federal income seems most likely to be made up for through which of the following revenue sources? |
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Definition
| raising the ceiling on taxable income subject to payroll tax |
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