Exam 16: Political Economy

Identify the United States presidential candidate who famously used the slogan, "It's the economy, stupid!"

Characterize President Bush's favored economic policy of pumping billions of federal dollars into shaky banks and firms.

The classical economists of the late eighteenth and nineteenth centuries-Adam Smith, David Ricardo, John Stuart Mill, and Karl Marx-all wrote on what they called socialist economies.

Early twentieth-century European governments subscribed to __________ doctrines, generally keeping their hands away from the economy.

The 1973 Mideast war allowed members of the Organization of Petroleum Exporting Countries (OPEC) to __________.

The __________ administration simplified the Food Stamps program by eliminating the provision that recipients buy the stamps at a discount with their own money.

One major problem with Medicaid is the large amount of it that ends up in the hands of fraudsters.

Examine the outcome of recent spending cuts and the tax hikes on the wealthiest one percent of Americans, instigated by the Obama administration.

Despite its extensive welfare programs, New York City maintains a high degree of poverty.

Which of the following is an increasing financial concern of the Medicare program?

Describe how today's conservatives use the term "political economy."

How does the American welfare state compare to those of other industrialized nations?

U.S.federal expenditures mandated by law, such as Social Security and Medicare, are referred to as __________.

Between 1965 and 1973, the percentage of Americans living below the poverty line __________.

Many Americans think the federal budget goes primarily toward welfare, which is __________.

Why are many politicians wary about limiting Social Security and Medicare expenses?

In 1996, President Clinton signed a major welfare reform that __________.

Radicals use the term "political economy" instead of __________ to describe their critique of capitalism and the inequitable distribution of wealth among nations.

Differentiate between the rising costs of Medicare and Medicaid.

Investigate what historically happens to conservatives when firms are supposedly "too big to fail."