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Economic Basics
Measuring Economic Performance
Fiscal Policy and Revenue
Expenditures
Monetary, Regulatory, or Trade Policy
100
The Author of the book, The Wealth of Nations. The Wealth of Nations described the underpinnings of our capitalistic society. It discussed property, trade, and the accumulation of wealth.
Who is Adam Smith?
100
An increase in prices of time. It measures the rate at which prices increase.
What is inflation?
100
This was created by the Budget and Impoundment Act of 1974. The act was for all practical purposes two separate pieces of legislation.
What is the Congressional Budget Office (CBO)?
100
This was established in 1935 during the Great Depression. At that time, more than half of the elderly lived in poverty, and the program's goal was to provide a minimal pension for older Americans.
What is the U.S. government's Social Security Program?
100
Our nation's independent central bank. Although it is accountable to Congress, it is free from political pressure because of the way it is structured
What is the Federal Reserve System?
200
Economists who believe that high taxes burden the economy and can reduce government revenue.
Who are Supply-Side Economists?
200
Dropping prices. Falling prices discourage spending.
What is Deflation?
200
A tax structured such that higher-income individuals pay a larger percentage of their income in taxes.
What is progressive tax?
200
The nation's largest on-budget appropriations are for this.
What is Defense?
200
The combination of stagnant GDP, rising unemployment, and rapid inflation.
What is Stagflation?
300
The study of national economies as a whole, not of individual markets
What is macroeconomics?
300
The value of all the goods and services produced in a nation
What is the Gross Domestic Product?
300
A tax structured such that higher-income individuals pay a lower percentage of their income in taxes.
What is Regressive tax?
300
This provides health insurance coverage for retired people (beginning at age 65) as well as for disabled younger people. It accounted for .7 percent of GDP in 1974 today it is over 2.6 percent.
What is Medicare?
300
A lessening of government control over the actions of business and industry
What is Deregulation?
400
They believe that government must play an active role in smoothing out natural business cycles through taxation and spending policies.
Who are Keynesians?
400
This measures the difference between imports and exports
What is the Balance of Trade?
400
As you earn more money in a given year, you move into a higher one of these
What is a higher marginal tax bracket?
400
Mandatory spending required by law that is not subject to the budgetary process.
What are entitlements?
400
People who believe in protecting American obs and businesses from foreign competition
Who are protectionists?
500
They believe that the nation's central bank should focus on maintaining a targeted money supply, while supply-side economists believe that the bank should focus on the price of money to control overall money supply.
Who are monetarists?
500
The amount by which in a given year, government spending exceeds government revenue
What is the budget deficit?
500
One of the chief proponents of supply-side ecnomoics, the theory that cutting taxes would grow the economy, thereby ultimately increasing government revenues.
Who is Arthur Laffer?
500
True or False: Under a proposed national sales tax, the federal government would collect a surcharge of about 23 percent on purchases of all goods and services.
What is true?
500
People who believe that the nation's economic interests are best served through open markets.
Who are Free Traders?