Economic Policy
The American economy is not a pure capitalist one because of what reason?
Regulations
What is the poverty threshold for a family of 4?
24,000
What is the maximum amount of days a President can send troops and engage in military operations without Congressional approval.
60 days
What is the costliest mandatory federal program?
Social Security
What is the largest discretionary spending program? (2018 numbers)
By Cabinet Department
The Defense Department
The American economy is a blend of what two economic principles?
Capitalism and Socialism
Give an example of a business regulation agency and a social regulation agency
Business: ICC, FTC, SEC, NLRB, Others?
Social: FDA, EPA, CPSA, Others?
Name the seven countries the U.S. military are currently engaged in combat operations.
Afghanistan, Iraq, Syria, Yemen, Somalia, Libya, and Niger
What is the second most expensive mandatory spending program?
Medicare
What is the second largest discretionary spending program?
Department of Veterans Affairs
According to Keynesian Economics, what should the government do in a recession period and what should the government do in a boom period?
Recession: Cut Taxes, Raise Spending
Boom: Raise Taxes, Cut Spending
Name the three forms of tax policies that have been proposed in our country
Progressive, Flat, Regressive
What are the three tools of foreign policy?
Diplomacy, Trade and Economic Policies, Military Options
What is the third most expensive mandatory spending program?
Medicaid
Third largest?
Department of Education
What are the four major measures of economic health in the United States?
Bonus: Can you define each one?
GDP, CPI, Household Income, Poverty Threshold
What are four responsibilities of the Federal Reserve?
1.Raise or lower the amount of currency in circulation
2. Raise or lower the interest rate borrowed from banks
3. Sells Treasury Securities (Gives loans to government)
4. Regulates banking industry
Name all of the current branches of the military that the Defense Department oversees
Army, Navy, Air Force, Marines
Welfare programs make up the fourth largest percentage of mandatory spending. Name the four largest welfare programs.
Food Stamps, Housing Assistance, Pell Grants, Child Nutrition
Fourth Largest?
Health and Human Services
Name the two agencies responsible for creating and passing the annual budget
Hint: One works with the President and the other with Congress
Office of Management and Budget (OMB)
Congressional Budget Office (CBO)
Name the five tools of domestic policy
Laws and regulations, direct provision of public goods, cash transfers, loans/insurance, contracting out
Name the five members of the National Security Council. (Just the title of their roles not the actual people)
Vice President, Secretary of State, Secretary of Defense, Secretary of the Treasury, National Security Adviser
What percentage of the annual budget does mandatory spending make up (2016 numbers)?
Closest will get the points
60%
5th largest?
Department of Homeland Security