Econ Policy/social Welfare Review

Front 1

The idea that the government can stimulate a slow economy by increasing public spending or cutting taxes.

Back 1

Keynesianism

Front 2

Those who believe in_____argue that the government's role in regulating the economy should be limited to regulating the supply of money.

Back 2

Monetarism

Front 3

The index of the total output of goods and services produced in a national economy.

Back 3

GDP(gross domestic product)

Front 4

The Securities and Exchange Commission was established after...

Back 4

The Stock Market Crash of 1929

Front 5

When the price level of goods and services increases over several months, it is called...

Back 5

Inflation

Front 6

Upton Sinclair's 1906 expose, The Jungle, revealed

Back 6

The unsanitary practices at meatpacking plants.

Front 7

open-market operations describes

Back 7

the method by which the Federal Reserve buys and sells government securities to increase or decrease the supply of money in the economy.

Front 8

Reserve Requirement

Back 8

The rule that every bank must have a certain amount of cash and negotiable securities on hand at all times.

Front 9

The power to raise or lower the tax rate is part of

Back 9

fiscal policy

Front 10

Sales tax are____, and most income taxes are______.

Back 10

regressive; progressive

Front 11

In order to have reliable information about the costs and impact of economic policies, Congress created the____.

Back 11

Congressional Budget Office

Front 12

When was the beginning of the American welfare state?

Back 12

1930s

Front 13

When was Social Security established?

Back 13

1935

Front 14

When was Medicare established?

Back 14

1965

Front 15

The periodic adjustment of benefits or wages that takes into account the increased cost of living is called

Back 15

Indexing

Front 16

A cost of living adjustment is based on

Back 16

i do not know

Front 17

when potential recipients of a benefit must establish their genuine need, the goverment program is called...

Back 17

Means tested

Front 18

What important noncontributory program was abolished by congress in 1996?

Back 18

AFDC ( Aid to families with dependent children)

Front 19

Medicare is a____program; Medicaid is a______program.

Back 19

Contributory; Noncontributory

Front 20

Which program was designed to help augment the benefits to the aged, blind, and disabled?

Back 20

Supplemental Security Income

Front 21

The Temporary Assistance to Needy Families program is administered by...

Back 21

the states, with benefit levels varying between states.

Front 22

Approximately what percentage of the current federal budget is spent on entitlement programs, such as social security and medicare?

Back 22

55%

Front 23

True or False
The theory of laissez-faire argues that economic growth increases when government leaves the marketplace alone.

Back 23

TRUE

Front 24

True or False
Public goods are products or services provided by the government because they cannot be effectively supplied by the market place.

Back 24

TRUE

Front 25

True or False
Keynesian economics argues that government involvement in economic regulation is an unwarranted restriction on individual liberty.

Back 25

FALSE

Front 26

True or False
The importance monetarist Milton Friedman argued that government regulation is an important way to fine tune the economy.

Back 26

TRUE

Front 27

True or False
The Federal Reserve System is the chief institution for the establishment of monetary policy.

Back 27

TRUE

Front 28

True or False
A tax on pack of cigarettes is a regressive tax.

Back 28

TRUE