Exam 17: The Budget and Economic Policies

_____________ include all public officials and institutions (Congress, the president, the federal bureaucracy, and the Supreme Court) that have formal, legal responsibilities for making public policy for the United States.

In _________ the executive branch gained control of preparing the budget.

Which of the following is a way in which issues make their way to government decision makers?

Little that Congress does has macroeconomic consequences.

For most Americans, ________ is generally held accountable for the state of the economy.

What are the major sources of revenue for each level of government?

What is the Federal Reserve Board?

The federal government spent a little more than ________ in 2006.

If the Federal Reserve Board wants to slow the economy down, it

What is the economic theory of regulation?

Redistributive policies are those that target benefits to very narrowly defined groups.

Actions by the Federal Reserve Board are intended to affect the

With the power to tax and spend, which of the following institutions is primarily responsible for fiscal policy?

______________ are the bad side effects of normal economic activity.

Economic growth is typically measured with

Which taxes fund local governments?

Negative externalities are the typical by-product of government regulation.

One major goal of fiscal policy is to stimulate inflation.

The federal budget deficit is the

On which type of economic policy would business interest groups be most likely to speak with a unified voice?