Exam 7: Economic and Budgetary Policy

Which statement accurately reflects how regulatory policy is typically used with regard to the economy?

______ policy is a term that describes taxing and spending tools.

Social Security, Medicare, and Medicaid are examples of ______ programs.

What is the difference between the national deficit and the national debt?

A ______ tax refers to a situation in which all individuals have the same rate of taxation regardless of income.

What is the major instrument through which any government sets its overall economic policy each year?

Which statement summarizes the changing patterns of employment in the United States in recent years?

As a part of the federal budgeting process, an executive agency called the ______ reviews all agency budgets and ensures that they conform to the intent of the policy.

What is the national debt?

Tax policy is one of the areas of greatest political tension. One variable affecting policy makers' decisions about tax policy includes ______, which is mainly an equity criterion.

Attaining the goal of economic growth may make ______ more acceptable to the general public, since the public's own earnings may be increasing.

Define inflation.

______ is critical to all other areas of policy but is not often recognized for its central role.

What does the Federal Reserve Board (Fed) do?

The name for the federal agency that influences the economy by increasing or decreasing the amount of money in circulation is called the ______.

Which statement is true describing the U.S. overall unemployment rate in recent years?

Which of the following terms refer to the ability of a method of taxation to keep up with inflation and economic growth?

______ are individuals who are concerned about the negative balance of trade.

The economic policy goal of ______ means an increase in the production of goods and services.

A ______ tax is one in which the rate of taxation is higher for individuals who earn higher incomes.