Exam 7: Economic and Budgetary Policy

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

Social Security, Medicare, and Medicaid are examples of ______ programs, in which individuals are eligible to receive a benefit based on demographic characteristic such as age or income.

The name for the federal agency with appointed, long-serving board members that sets monetary policy in order to keep inflation in check and encourage economic growth.

An entitlement program refers to ______.

______ means an increase in the production of goods and services each year, and it is expressed in terms of a rising gross domestic product (GDP).

How has the nature of U.S. jobs changed in the past few decades?

Today, entitlement programs consume roughly ______% of the federal budget.

A ______ tax is a tax that increases with the amount of income a person earns.

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

Describe the positions that opposing sides take with regard to the U.S. balance of trade. Why do some argue that a negative balance of trade is undesirable, while others argue that a negative balance of trade is not a problem?

______ has obvious benefits to the economy as well as to the individuals.

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

Regulation is defined as ______.

Which of the following is NOT a tool of economic policy making?

Which branch of government typically initiates the budgetary process?

The accumulation of deficits over time is known as the federal ______.

Tax policy is one of the areas of greatest political tension. One variable affecting policy makers' decisions about tax policy includes ______, which refer(s) to the equity issue of which subgroups of citizens are most impacted by the tax.

Which statement best describes the trend in the labor force participation rate since 1970 for adult females in the United States? The rate has ______.

The government shutdown of October 2013 was due to ______.

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