Exam 5: Economic Policy and Public Budgeting

The rise in the cost of the same basket of goods over time is referred to as ______.

Budget requests are submitted to the Office of Management and Budget (OMB) in the ______.

Identify the different resources/factors that make up the U.S. economy.

When banks keep a certain percentage of all the money depositors have in that bank on hand at all times, it is referred to as ______.

Budget resolutions and budget bills take place during which of the following stages?

How is a nation or state's economy measured?

The gross domestic product (GDP) is the nation's total production of goods and services for a single year.

Which of the following entities is responsible for setting interest rates for banks?

All of the following are tools for measuring a nation's economy except ______.

Which of the following economic theories posits that individuals act according to their own self-interests to make economic decisions?

The percentage of people in an economy who are looking for work but do not have a job is referred to as the ______.

Identify the three different types of economic theory discussed in the chapter.

Recommended budgets are submitted to the president in ______.

Which of the following passed in response to the Great Recession?

Appropriations bills originate in the ______.

Taxes that are paid when one purchases a certain good are referred to as ______.

The Fed requires banks to keep a certain percentage of all the money depositors have in that bank on hand at all times.

Localities rely on which of the following types of revenue streams?

Which of the following statutes was passed to address issues of financial instability?

Identify and discuss one of the major policy and budgeting statutes discussed in the text.