This economic theory called for a reduction of personal and corporate taxes Quizlet

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1. Social Science
2. Political Science
3. Public Policy

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Terms in this set (39)

Congress approved a $700-billion emergency bailout of financial institutions in October of 2008. This bailout is known as the

Troubled Asset Relief Program.

Economists who believe that the government can stimulate the economy by increasing public spending or by cutting taxes are known as

Keynesians.

Goods or services that are provided by the government because they are not supplied by the market or are in insufficient numbers are known as

public goods.

Government grants of cash or other valuable commodities are known as

subsidies.

In general, _____ stress the importance of economic freedom for maintaining a healthy economy, whereas ____ are often more willing to support economic regulation to attain social or environmental objectives.

Republicans; Democrats

In the past few decades, discretionary spending as a percentage of the budget has declined significantly. This means that the government is

less able to use fiscal policy to counteract fluctuations in the business cycle.

Known for being banker's banks, these banker's banks make loans to other banks, clear checks, and supply the economy with currency and coins.

Federal Reserve banks

Manipulating the growth of the entire economy by controlling the availability of money to banks is known as

monetary policy.

The American Recovery and Reinvestment Act of 2009 was designed to

help recover American jobs after the 2008 economic recession.

The MOST powerful actors in influencing economic policy today are

business organizations.

The Securities and Exchange Commission (SEC) is responsible for

regulation of financial markets.

The ____ in the Executive Office of the President is responsible for preparing the president's budget.

Office of Management and Budget

The ____ is the market value of the goods and services produced in the economy (minus income from foreign investments).

gross domestic product

The federal government has taken on major roles in promoting technological innovation, going so far as to create In-Q-Tel, which is a

a Central Intelligence Agency (CIA) venture capital firm designed to invest in high-tech start-ups whose work could enhance intelligence efforts.

The interest rate that member banks of the Federal Reserve System charge each other is known as the

federal funds rate.

This approach for resolving problems from climate change seeks to reduce greenhouse gas emissions.

mitigation

When leaving office, President Eisenhower warned the nation to beware of the powerful connection between the federal government and

defense contractors.

Which of the following budget items would be considered an "mandatory spending"?

Medicare

____ policy is the name given to the government's taxing and spending powers.

Fiscal

A common reference to the Troubled Asset Relief Program (TARP) passed by Congress in October 2008 is the

bailout.

A tax is called ____ if the rate of taxation goes up with each higher-income bracket and ___ if people in lower-income brackets pay a higher proportion of their income toward the tax than people in higher-income brackets.

progressive; regressive

At least philosophically, ______ reject the idea that government should intervene in the economy, while _____ believe that economic prosperity requires government action.

Republicans; Democrats

Fiscal policy has become less effective in counteracting fluctuations in the business cycle because

discretionary spending has become a smaller portion of the annual budget.

Gross ____ is the same measure as gross national product except that it excludes income from foreign investments.

domestic product

Janet Yellen was appointed to head which federal organization in 2013?

Federal Reserve Board

Monetary policy refers to

managing the supply of money and credit in the economy.

More than 23 large firms in the United States have joined environmentalists in a coalition called the U.S. Climate Action Partnership (USCAP) to press for

a carbon emissions cap-and-trade system.

The Securities and Exchange Commission (SEC) received harsh criticism for its role in the

financial crisis of 2008.

The dominant form of public policy of the national government in the nineteenth century was

subsidies.

The economic theory that posits that reducing the marginal rate of taxation will create a productive economy and that is opposed to Keynesian theory is known as

supply-side economics.

The exercising of antitrust policy might involve the government

breaking up a large business into smaller companies.

The federal funds rate is the

interest rate that member banks of the Federal Reserve System charge each other.

The government's taxing and spending powers, especially personal and corporate income taxes, are examples of

fiscal policy.

What effect did the 2008 financial crisis have on federal regulation of the economy?

It created two new financial protection regulatory agencies.

Which entity bears primary responsibility for preparing the president's budget?

the Office of Management and Budget

Which of the following banks make loans to other banks, clear checks, and supply the economy with currency and coins?

Federal Reserve banks

Which of the following budgetary items are beyond the control of budgetary committees and can be controlled only by substantive legislative action in Congress?

uncontrollables

Which of the following is true about business organizations?

They are the most consistently powerful groups in economic policymaking.

Which of the major American political parties is generally more willing to accept economic regulation to help attain social or environmental objectives?

the Democratic party

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