Exam 4: Economic Issues: Taxing, Spending, and Budgeting

All other things being equal,a tax increase is likely to:

Liberals/progressive and conservatives agree on the legitimacy of government involvement in economic policy.

Supply-side economics supporters believe all but:

Which of the following is NOT part of fiscal policy?

The annual budget deficit grew from $80 billion in 1981 to $290 billion in 1992.Which of the following was NOT a factor in increasing the deficit?

A progressive tax

The American Taxpayer Relief Act of 2012 allowed the Payroll Tax Holiday to expire but

During the Clinton Administration (1992-2000)the federal budget deficit

A rise in the price of goods and services while the actual value of the goods and services remains the same is known as

Monetary policy is the efforts of government to control the supply and flow of __________ in the economy.

A number of cabinet-level department share responsibility for developing federal economic policy.Which department does NOT have economic policy responsibility?

The Federal Reserve Board has the power to

Because of its proportion of federal expenditures,substantially limiting federal spending requires cutting spending on _____.

The primary source of federal revenue is

Which values establishes the boundaries of government activities and provide policy direction for public officials?

According to economists ________ percent unemployment is an appropriate definition of full employment

With the federal government adopting a program of spending with annual budget deficits exceeding those fo the past,the national debt will increase to ______ percent of the gross domestic product.

The Reagan Administration advocated a departure from Keynesian economics to engage in:

The largest portion of the federal budget goes to

Traditional Keynesian fiscal and monetary policy focuses on the supply of goods and services.