Exam 7: Economic and Budgetary Policy

The distributive effects of a tax are ______.

Although slight growth has occurred, many economic indicators show that the economy has been sluggish in recent months.What monetary policy option can be imposed to spur economic growth?

When the economy grows, often inflation increases as well.This condition illustrates the principle of ______.

Discuss the two major ways that the federal government can reduce the deficit.In your discussion, explain the advantages and obstacles to each major approach.

The government shutdown of October 2013 was due to ______.

One of largest challenges facing the Obama administration has been ______, which led to the government shutdown in October 2013.

An entitlement program refers to ______.

A positive ______ occurs when the United States exports more than it imports.

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.

Discuss how the Federal Reserve (Fed) can use monetary policy to affect the economy.What is the impact of this action?

The name of the agency that compiles all of the statistics on employment patterns in the United States is the ______.

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.

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

______ is a component of economic policy related to the amount of money in circulation that is implemented by the Federal Reserve Board (Fed).

______ 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).

What is the difference between the federal deficit and the federal debt? How does the deficit relate to economic growth?

______ is critical to all other government functions.

In general, increasing levels of unemployment will lead to ______ government revenue and ______ government expenditures.

According to the Congressional Budget Office (CBO), the United States can expect a nearly ______ billion deficit in 2016.

The Labor Department's ______ is the primary agency responsible for collecting data on employment and unemployment.