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26 Cards in this Set
- Front
- Back
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What are the levels of government?
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1. Federal
2. State 3. Local |
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What is a recent political trend that is another way of saying "pork"?
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Earmarks
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What does the government spends its revenue on?
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1. Goods/ Services
2. Transfer payment |
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What are the 2 main causes of the growth in government spending since 1930's?
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1.Major change in public opinion gave government a larger role in everyday economic affairs.
2. Massive government spending funded the United States involvement in World War II |
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Yes/ No, does the government spending have a direct impact on our economy?
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Yes
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Which of the following would be an example of "Pork" spending?
A) funds to improve the Father Damian Museum in Hawaii. B) funds to improve the interstate highway system. C) payments to Social Security recipients D) payments to military personnel |
A) funds to improve the Father Damian Museum in Hawaii
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Which of the following is an example of a subsidy?
A) payments to wheat farmers that make up the difference between a target price and the market price. B) payments to construction companies to renovate the White House C) Social Security and unemployment benefits payments D) payments to medical personnel who work at the Veterans Administration hospitals. |
A) payments to wheat farmers that make up the difference
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Some state governments are limited in their spending by _____.
A) the refusal of county judges to approve spending B) the limited revenues collected from property taxes C) a balanced budget amendment in their constitution D) an increase in sales taxes and state income taxes |
C) a balanced budget amendment in their constitution
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A category that local governments spend on but state governments do not is _____.
A) correction facilities B) fire protection C) police protection D) hospitals |
C) police protection
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The total amount borrowed from investors to finance government spending is known as _______.
A) deficit spending B) the budget deficit C) the national debt D) discretionary spending |
C) the national debt
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Yes/No, Do the federal government estabilishes a budget and allocates fund accordinally?
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Yes
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True/False, The government does not provide money for many services and programs?
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Flase, The government does provide money for many services and programs.
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An appropriatios bill is sent through the _____ subcommittees to spend money on a specific purpose?
A.) House B.) Senate |
A.) House
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What effect does the national debt have on the nation?
A) The government sacrifices purchasing power when it borrows. B)Lower debt levels reduce private sector purchasing power. C) Current taxpayers will have to finance anticipated future debt. D) Government borrowing can lead to higher interest rates for businesses and individuals. |
D) Government borrowing can lead to higher interest rates for businesses and individuals.
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What is the difference between the national debt and the federal deficit?
A) The national debt includes all funds owed by all levels of government while the federal deficit reflects only what the federal government owes B) The national debt is composed of all borrowing to cover the annual federal deficits. C) Both the federal deficit is the national debt relate to one years borrowing to cover excess spending. D) The federal deficit consists of public sector debt while the national debt includes both public and private sector debt. |
B) The national debt is composed of all borrowing to cover the annual federal deficits.
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At state level, expenditures include?
A.) Medicare B.) Publice welfare C.) Higher education D.) Both B and C |
D.) Both B and C
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Local Government spend money nainly on what?
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1. Education
2. Utilities 3.. Public saftey |
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What has deficit spending help create?
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National Debt
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True/Flase, because of deficit spending, the national debt has decreased dramatically.
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False, National debt has increased dramatically.
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Yes/ No, The national debt affects the distribution of income and transfers purchasing power from the private to the public sector.
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Yes
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What is the first way we can control the sice of the national debt?
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We have to address the federal budget deficit
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True/False, The more the government borrows today, the more future generations will have to pay.
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True
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The first significant attempts to control the federal deficit that took place when the Congress tried to _______.
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Mandate a balanced budget
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Yes/No, Congress has tried a number of measures to reduce deficits and the national debt.
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Yes
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What events in 2001 have added to the national debt?
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1. The terrorist attacks led to unplanned government spending on homeland securitys.
2. Wars in Afghanistan and Iraq. |
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Why do deficits occure?
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1, Tax reductions are politically popular.
2. Most poeple are in favor of the government spending more money on them. 3. exspenses such as wars and natural disasters are difficult to predict |
