Exam 14: Economic and Social Policy

Correct Answer

verified

Show Answer

Correct Answer

verified

Show Answer

A) have a central role in education and welfare.
B) have a central role in monetary policy.
C) do not administer federal programs.
D) have no role in education since the passage of the No Child Left Behind law.

Correct Answer

verified

Show Answer

A) Medicare
B) Social Security
C) Agricultural Adjustment Administration
D) Civilian Conservation Corps

Correct Answer

verified

Show Answer

A) becoming more controlled by state and local governments.
B) becoming more controlled by the federal government.
C) increasingly being funded by the federal government.
D) passed during the Great Society.

Correct Answer

verified

Show Answer

A) coal
B) oil
C) railroad
D) telegraph

Correct Answer

verified

B

A) progressive
B) not redistributive
C) discretionary
D) regressive

Correct Answer

verified

Show Answer

A) John Maynard Keynes
B) Milton Friedman
C) Friedrich Hayek
D) Arthur Laffer

Correct Answer

verified

Show Answer

Correct Answer

verified

Keynesian economics is predicated on the theory and work of British economist John Maynard Keynes. It stipulates that government officials should use economic policy, like taxing and spending, to maintain stability in the economy. Keynes's theory had a significant impact on President Franklin Roosevelt (1933-1945) and his New Deal policies. To Keynes, it was acceptable to run budget deficits in order to increase employment and national income to provide a short-term boost to the economy. Unlike classical economic theorists, Keynes contended that the national government could create policies to stimulate the economy, and this was more viable than waiting for the free market to resurrect the domestic economy in times of duress. Ronald Reagan (1981-1989) rejected Keynesian economics in favor of supply-side economics, a theory touted by Milton Friedman and others who believed that lower taxes would stimulate the economy by encouraging people to save, invest, and produce more goods and services. This was the intellectual justification of trickle-down economics, where supply-siders believe that targeted tax cuts to the wealthy will trickle down to the middle and working classes in the form of more jobs and economic growth so that all citizens experience economic prosperity. This debate remains contentious in the early twenty-first century.

A) Lyndon Johnson
B) Ronald Reagan
C) George W. Bush
D) Barack Obama

Correct Answer

verified

Show Answer

Correct Answer

verified

A public policy is a course of action pursued by government officials to address a specific problem. In a broad sense, it is what officials choose to do or not to do when a problem is identified.

A) supported the government's entire $787 billion stimulus plan of tax cuts and government spending
B) supported the stimulus plan's tax cuts but not the increases in government spending
C) opposed the stimulus plan's tax cuts but supported the increases in government spending
D) opposed the government's entire stimulus plan because it added to the federal debt

Correct Answer

verified

Show Answer

A) does not cover disabilities.
B) does not cover those who have survived the death of a loved one.
C) provides benefits to more than 62 million people.
D) provides an average monthly benefit of over $5,000 for most people.

Correct Answer

verified

Show Answer

Correct Answer

verified

Show Answer

A) politically dependent on Congress.
B) politically dependent on the president.
C) politically independent.
D) a very weak body that has no power to influence the domestic economy.

Correct Answer

verified

Show Answer

A) the budgetary process was centralized within Congress.
B) budgetary power shifted from the states to the national government.
C) budgetary power shifted from Congress to the president.
D) budgetary power shifted from the president to Congress.

Correct Answer

verified

Show Answer

Correct Answer

verified

Grazing rights, environmental policy, an...

View Answer

Show Answer

A) income tax cuts passed by Congress
B) World War I
C) the Korean War
D) the Vietnam War

Correct Answer

verified

Show Answer