Exam 5: Economic Policy and Public Budgeting

Discuss the inner workings of the banking system. You may use a hypothetical scenario.

What is economic policy?

Discuss the current state of the U.S. economy. Do you believe that the U.S. economy is doing well? Why or why not?

According to the Government Finance Officers Association, all of the following are examples of budgets except ______.

Currency in the United States is controlled by the ______ government(s).

Identify and discuss the tools that are used to measure a nation or state's economy.

Provide some examples of tax credits.

Which of the following is considered to be a measure of the purchasing power of the dollar?

The Federal Reserve System is responsible for all of the following except ______.

Federal budget processes did not exist before the Budget and Accounting Act of 1921.

What is the natural unemployment rate?

Outline the budget process.

The Fed can easily be controlled by politicians.

The central banking system of the United States is referred to as the ______.

Classical economic theorists argue that tax cuts and other incentives for investors and businesses at the top will lead to economic benefits for those at the bottom.

What factors contribute to a government shutdown?

Concurrent resolution must be passed by both chambers of Congress.

Discuss the importance of public opinion. How can the current state of the economy impact the outcome of future elections?

The Economic Growth and Tax Relief Reconciliation Act of 2001 included property tax rate reductions and tripled the child tax credit.

The Budget and Accounting Act of 1921 formalized the role of the executive branch in the federal budget process.