Exam 15: Economic Policy

When people and companies cannot borrow or earn enough money to make economic transactions that match the level of productivity,what is this called?

By and large,banks are regulated at the ____________________ level through the ____________________.

The Social Security system,which taxes workers to pay cash benefits to retirees and those who cannot work due to disabilities,is an example of a ____________________.

Which refers to the increasing purchasing power of a unit of currency?

Government can promote trade by ____________________ tariffs and having few or no limits on imports,or can restrict trade by ____________________ tariffs.

What is the difference between fiscal policy and monetary policy? What institution or institutions are charged with making monetary policy in the United States? What institution or institutions are charged with making fiscal policy in the United States? How are fiscal and monetary policies used to ensure stable economic growth?

One motivation for crafting and ratifying the Constitution was that the states competed against one another for trade with foreign countries.If states set their own trade policies,they would all face a/an ____________________.

Which refers to a government policy that involves taxation or spending?

Since 1917,____________________ taxes have been the chief source of revenue for the U.S.government.

For the government,regulations are ____________________ compared to programs like Social Security,Medicare,or national defense.

A tax is ____________________ if it places a greater financial burden on the wealthy.

The federal budget ____________________ to be signed by the president.It is a resolution,which is binding on ____________________ when it makes appropriations decisions.

____________________ policies are more directly oriented toward encouraging growth,whereas ____________________ policies are oriented toward preventing volatility,which can include encouraging growth but also slowing down the economy.

Which refers to the annual difference between revenues collected by the national government and its outlays?

Which is a product or benefit that can be enjoyed by anyone,regardless of whether he or she has paid for it or not,and such that its consumption by one person prevents its consumption by others?

Which is a product or benefit provided in such a way that it could be enjoyed only by those who pay for it,and such that its consumption by one person prevents its consumption by others?

What are private goods,club goods,common goods,and public goods? How are these different types of goods similar? How are they different? Give an example of each.Why are the distinctions among different types of goods important for designing public policies?

Which refers to a policy that involves the supply of money in the economy?

Which term refers to alternating periods of economic growth and contraction?

Which refers to goods used to produce other goods in an economy?