Exam 15: Extension 1: Focus On: Economic Policy

During the New Deal era, Roosevelt and Congress cut government spending and __________.

How do we calculate the national debt?

What is included under discretionary spending?

A period of prolonged high unemployment with a period of decline in the gross national product (GNP) is called __________.

What are the differences between a budget deficit and a debt?

The U.S. government measures the sum of the unemployment rate and the inflation percentage in order to establish __________.

What does the United States have in common with virtually every other country?

What kind of economy has individuals and corporations own its capital or productive capacity, businesses, factories, and farms?

State and local governments spend about __________ percent of the GDP.

The economic cycles of boom and bust have been constant, but the U.S. government did not try to prevent these cycles until what decade?

Concerning economic policy, the U.S. Constitution __________.

What is an effect of deflation?

The mixture of the public and private economic sector depends on what?

The U.S. government could not legally tax its citizens' income until the ratification of the __________.

"Reaganomics" is the popular name of what economic policy advocated by the White House during the 1980s?

What is the key difference between a progressive tax and a regressive tax?

Taxes in the United States claim just over 30 percent of the GDP. Most western industrialized nations have tax revenues that are a(n) __________ share of GDP.

The only way Congress can affect mandatory spending is __________.

In the 1920s, Germany issued a new currency because the trillions of old German marks it had printed became worthless due to __________.

Explain why changing the tax code is so difficult.