Test 12

Front 1

Congress passed the Troubled Asset Relief Program (your textbook is incorrect when it says "Temporary" instead of "Troubled") to speed recovery from the poor economic conditions in the United States resulting from

Back 1

the sub-prime mortgage crisis in the 2000's.

Front 2

The _________________ Act of 2009 was designed to create jobs and cut taxes through deficit spending.

Back 2

American Recovery and Reinvestment

Front 3

Which of the following would be the most likely to occur in a mixed free-enterprise system?

Back 3

A bidding war between two cable companies to offer the lowest price

Front 4

During our nation's first century, most private economic regulation was done by the

Back 4

states

Front 5

The doctrine of ________ opposes government involvement in the economy.

Back 5

laissez-faire

Front 6

The first major government effort to regulate business occurred following

Back 6

the growth of railroads

Front 7

In 1887, Congress adopted the Interstate Commerce Act, which was designed to

Back 7

regulate railroads

Front 8

Which of the following is MOST relevant to the growing concern over the prevalence of media conglomerates?

Back 8

the Sherman anit-trust Act

Front 9

In 1890, Congress passed the ________, a law designed to prohibit monopolies.

Back 9

the Sheman Anti-Trust Act

Front 10

Congress passed the Federal Reserve Act in 1913 to

Back 10

regulate the national banking system and provide flexibility to the money supply.

Front 11

The first major effort by the national government to protect consumers involved

Back 11

meatpacking

Front 12

When President George W. Bush signed the Economic Stimulus Act of 2008, he was practicing the doctrine of

Back 12

interventionism

Front 13

The program instituted by President Franklin D. Roosevelt to overcome the Great Depression was the

Back 13

New Deal

Front 14

The rights of labor to organize and bargain collectively come from the

Back 14

Wagner Act

Front 15

During the New Deal, Congress established or enacted all of the following EXCEPT the

Back 15

Shipping Standards Act

Front 16

The Fair Labor Standard Act of 1938 established

Back 16

A federal mininum wage

Front 17

________ established the legitimacy and viability of national governmental intervention in the economy.

Back 17

The New Deal

Front 18

Which of the following was NOT a factor that contributed to the surge of social regulation in the late 1960s and early 1970s?

Back 18

Business became much greedier, thus prompting a backlash

Front 19

Before ____________________ a person in a small town would have had a better chance of living close to a commercial airport.

Back 19

deregulation

Front 20

Which of the following organizations would be most supportive of an expansion of free trade?

Back 20

general Motors

Front 21

Many people believe that it is necessary to set up ____________ to protect the U.S. from overseas competition.

Back 21

A protectionist system

Front 22

Workers earned their highest minimum wage during the _________ administration.

Back 22

Gerald Ford

Front 23

China's emergence as a major economic power has created all of the following EXCEPT

Back 23

an increasingly capitalist society.

Front 24

___________________ is one of the two policy areas in which the government spends most of its money.

Back 24

Purchasing military weaponry

Front 25

If the president wanted to decrease defense spending and increase monetary aid to victims of natural disaster, which one of the following groups would be MOST likely to balance the new distribution of spending?

Back 25

The Office of Management and Budget

Front 26

Which of the following are likely reasons for the government to be running a deficit?
I. Military invasions
II. Budget cuts
III. Economic recession
IV. Tax cuts

Back 26

1,3,4

Front 27

All of the following are reforms encouraged by Federal Reserve Board Chairman Ben Bernanke EXCEPT

Back 27

the creation of one national bank to limit bank failures.

Front 28

All of the following scenarios would be affected by income security EXCEPT

Back 28

a college student's decision to take summer classes and not take a job.

Front 29

Which of the following are components of the Social Security Act of 1935?
I. Old-age insurance
II. Unemployment insurance
III. Workers' compensation
IV. Increased tax refunds

Back 29

1 & 2

Front 30

All of the following are examples of entitlement programs EXCEPT

Back 30

public housing

Front 31

How many Americans benefit from Social Security (OASDI)?

Back 31

between 50 and 55 million

Front 32

The current debate over raising the retirement age affects which of the following programs?
I. Medicaid
II. Social Security
III. Veterans' disability benefits
IV. Temporary Assistance for Needy Families

Back 32

2

Front 33

The costs of Social Security

Back 33

are expected to exceed revenues around 2015 or shortly thereafter.

Front 34

Unemployment insurance payments

Back 34

vary dramatically by state.

Front 35

The unemployment rate in 2010 was

Back 35

around 10%

Front 36

Which of the following is/are true about Supplemental Security Income?
I. It is non-means tested.
II. Primary funding is provided by the states.
III. Coverage includes needy people who are permanently disabled.
IV. Beneficiaries can only have limited income.

Back 36

3&4

Front 37

Which of the following states had an unemployment rate greater than 10 percent in 2010?

Back 37

Tennessee

Front 38

What do the Great Society, the New Deal, and the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 have in common?

Back 38

They all indicate major shifts in social policy.

Front 39

All of the following are features of TANF EXCEPT

Back 39

single, pregnant women must work through the ninth month of pregnancy.

Front 40

The Earned Income Tax Credit and Supplementary Security Income have what in common?

Back 40

Benefits are only distributed to those who earn less than a pre-determined income amount

Front 41

The initial purpose of the food stamp program was to

Back 41

expand domestic markets for farm commodities

Front 42

Which of the following can be purchased using food stamps in Alaska?
I. Prepared hot foods sold in stores
II. Vitamins
III. Herb seeds
IV. Candy

Back 42

3&4

Front 43

All of the following indicate that 2008 marked the beginning of a period of economic instability in the U.S. economy EXCEPT

Back 43

high voter turnout

Front 44

The $700 billion bailout

Back 44

failed to pass Congress the first time, but succeeded the second

Front 45

One justification given for economic stimulus payments to Americans in 2008 was that the government has a responsibility to prevent economic downturns. This is an example of the philosophy of _________________.

Back 45

interventionism

Front 46

Which of the following are arguments against economic stimulus payments?
I. Deficit spending has serious future ramifications.
II. Stimulus payments send a powerful message to consumers, businesses, and investors.
III. Government cannot control how stimulus payments are used.
IV. The government has a responsibility to prevent economic downturns.

Back 46

1&3

Front 47

____________________ is a similar action to deficit spending.

Back 47

Using a credit card

Front 48

Which of the following policy areas appeared to be given the most priority in allocating funds for the Recovery Act?

Back 48

tax cuts

Front 49

Which of the following is NOT a method used by the Republican Party to fix the economic downturn in early 2008?

Back 49

Implementing a Keynesian deficit spending approach

Front 50

Conservative scholars credit the _______ for creating the economic growth that stalled a rise in unemployment in 2010.

Back 50

TARP Program