Managing the Economy
Government Regulations
Economic Theories I
Economic Theories II
Miscellaneous
100
Federal income tax is also known as _______ ?
progressive tax
100
When does the fiscal year begin?
What is October 1st?
100
Who is Arthur Laffer?
Creator of supply-side tax cuts
100
What are the other three people within the executive branch that also control of making economic decisions called?
Troika
100
What is a sacred cow?
Entitlements, "untouchable" and "uncontrollable"
200
Government can decrease demand by cutting spending and increasing taxes, which is ________?
contractionary fiscal policy
200
What are the two types of government business regulation?
Economic and social
200
What is a form of economic planning?
Price and wage controls, industrial policy
200
What impartial group is considered by other executive agencies as the advocate of opinion of professional economists?
CEA
200
What did the Budget Reform Act of 1974 create?
Office of Management and Budget and the Congressional Budget Office
300
Who supports supply-side economics?
republicans/conservatives
300
What is economic regulation?
Governmental controls on the behavior of businesses in the marketplace
300
What economic theory was advocated by Milton Friedman in order to increase money supply?
Monetarism
300
What important agency is made up of seven members appointed by the president that regulates the supply of money?
Federal Reserve System
300
What three committees is Office Management and Budget sent to?
House Ways and Means Committee, Authorization Committee, and Appropriations Committee
400
What is one department that the president receives advice from on managing the state of economy?
Office of Management and Budget, Council of Economic Advisors, National Economic Council, or Secretary of the Treasury.
400
What is social regulation?
Government attempts to correct a wide variety of side effects brought about by economic activity
400
What goal did president Reagan have when he invented Reaganomics?
Reduce the size of the federal government, stimulate economic growth, and increase American military strength
400
From whom must the president need assistance from in order to put an economic theory into effect?
Agencies
400
What is the primary target for making cuts to balance the budget?
discretionary programs
500
Why do excise taxes affect people with lower incomes more than people with higher incomes?
Because excise tax is the same for everyone, the tax will be a bigger percentage of the person with lower income.
500
What is an example of government business regulation?
Maintaining competition, no monopolies/trusts Ex) Sherman Antitrust Act > Clayton Act Ex) Reducing child labor
500
What is keynesian and what political party supports it?
When demand is too little, the government should pump more money into the economy. Usually democrats support it
500
What act had imposed that once the president submits their budget that the two committees must analyze it?
Congressional Budget Act of 1974
500
What is expansionary fiscal policy?
When government spending stimulates the economy by creating demand
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