Exam 15: Extension 1: Focus On: Economic Policy

When was the Great Recession?

Describe the partisan debate over revising the U.S. tax code.

Even in a "full employment" economy, __________ percent of the labor force will be out of work.

The idea that the government can stimulate the economy by increasing spending in a time of high unemployment and cutting spending in times of low employment is associated with which economist?

How can one tell the difference between a depression and a recession?

The 2008 bailout, in which the U.S. government gave money to several large banks to prevent them from failing, is an example of what happens in __________.

What is the "misery index"?

Define and give examples of progressive and regressive taxes. How would you describe our current federal income tax?

The United States can be described as a __________ economy, with both private and government ownership.

In what ways can Congress create more revenue?

What is Keynesian economics?

What is supply-side economics?

During the nineteenth century, the U.S. government focused on encouraging economic expansion and development by __________.

Classical economists would agree that the market adjusts itself __________.

If the federal government spends more than it takes in as revenue in a single year, it adds to the __________.

Explain instances where the economy can be (or has been) used as a salient issues in a campaign.

The U.S. government currently owns dams, railroads, numerous resources, and __________ percent of all the land in the country.

How does a mixed economy work?

When the 2009 congressional stimulus package ended, it was deemed a failure because __________.

What is inflation?