Exam 7: Economic and Budgetary Policy

Inflation is measured by the ______.

Explain three policy options available to the U.S.government to reduce its annual deficits and accumulating national debt.For each option, discuss considerations relative to that option, such as economic, political, or equity concerns.

A simple definition of inflation is an increase in the costs of goods and services.

______ policy refers to the government's budgetary process and includes the sum total of taxing and spending.

The United States is said to run an annual ______, which refers to an excess of spending over revenues in a given year.

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.

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

The ______ is a measure that represents the average change in price over time of a market basket of consumer goods and services.

The main problem with running a large debt is that ______.

How does an increase in unemployment levels affect the federal budget?

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

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

According to the authors, there has been an economic downturn since ______.

Regulation is defined as ______.

The national debt, which is the accumulation of all of the deficits the nation has run, was nearly ______ in December 2016.

The economic policy goal of ______ refers to policies that are designed to increase productivity, commerce, sales, employment, and the general pace of activity within the economy.

Which branch of government typically initiates the budgetary process?

The American Recovery and Reinvestment Act (2009) attempted to stimulate economic growth primarily using which economic policy tool?

The Federal Reserve Board is also referred to as the ______.

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.