Exam 18: Making Economic Policy

Individual income taxes are due on what date each year?

A(n) ____________ tax is a tax on increased value of a product at each stage of production and distribution rather than just at the point of sale.

The General Agreement on Tariffs and Trades

Inflation is measured using the gross domestic product.

No industry has undergone more extensive deregulation than the ____________________ industry.

Eliminating quotas on imported grain and lifting regulations on imported cheese are policies more consistent with a free trade position.

A monopoly that controls goods and services, often in combinations that reduce competition, is known as a

The annual budget of the United States is drawn up by the

When the federal government raises less money than it spends in a year it is called

GATT is mainly concerned with

The alternative to economic regulation is

The amount of interest banks charge for loans to each other is known as the

When you go to the store to purchase a new MP3 player or cell phone you typically must pay a tax in addition to the listed retail price.This tax is an example of

Fiscal policy is the government's attempt to manage the economy by controlling taxing and spending.

A budget deficit occurs when the federal government raises less money than it spends in a year.

The deregulation of the _______________ industry has been one of the most visible to consumers.

The two most common yardsticks for measuring the performance of the economy are

Deregulation began in the United States in the

The economic theory that opposes governmental interference in economic affairs beyond what is necessary to protect life and property is known as laissez-faire economics.

The fiscal year for the federal government begins on