Exam 17: The Economy, Government, and Economic Challenges Facing the United States

How is global warming an economic issue? What are economic answers to the problem of global warming and what are criticisms of our current solution? Why must solutions to global warming occur at a global level?

Macroeconomic policies of government concern:

In the early- to mid-2000s, the Social Security system ratio had about 1 person drawing out for every 20 people paying in.

The government passing a law that requires drivers to be licensed is an example of the indirect influence of the economy.

The Keynesian view helped create the field of macroeconomics.

What is an example of how the government directs the flow of profits toward corporations and away from consumers?

The role of government in the economy is:

The fiscal policy rule of thumb allows that some government budget deficits can be useful in stimulating the economy out of a:

The passing of a law that required all public buildings to be accessible to all individuals was an example of laissez-faire economic involvement.

The amount of money the federal government spends on interest payments for its debts has diminished because it has significantly reduced the national debt in the last decade.

Which of the following is NOT a way the U.S. directly influences the distribution of income?

In 2009, the U.S. government ran a $1.4 trillion deficit.

The Copyright Term Extension Act of 1998 is often called the "Ronald McDonald Protection Act."

What is the fiscal crisis facing the United States? What will the government have to do to solve it? Describe how the phrase "no free lunch" applies to the possible solutions of our fiscal crisis.

To maintain its dominance in a globalized economy, and the higher wages that go with that dominance, the United States will have to maintain: