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economic policies Flashcards

1
Q

refers to a system of production and consumption of goods and services that are allocated through the exchange among producers and consumers

A

economy

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2
Q

T/F
Business firms are opposed to government regulations; they only object to regulatory policies that harm their interests.

A

F (not oppose)

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3
Q

term that refers to government restrictions on the economic practices of private firms

A

regulation

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4
Q

ways government promote business interests

A

loan and tax breaks

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5
Q

they receive loans guarantees, direct loans, tax credits for capital investment

A

firms

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6
Q

They receive tax deduction for capital depreciation

A

firms

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7
Q

refers to the repeal of government regulations for the purpose of improving economic efficiency

A

deregulation

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8
Q

example of economic downturn

A

great depression or recession

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9
Q

T/F
Laissez-faire thinking may dominate government approach to labor

A

T

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10
Q

this may bring about change in labor’s position

A

economic downturns

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11
Q

this prevented businesses from disrupting union activities or discriminating against union employees

A

laws

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12
Q

give workers right to bargain collectively

A

laws

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13
Q

T/F
Government support for business is much less extensive than its support for labor

A

F (Labor, business)

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14
Q

refers to a tool by which the government seeks to maintain a stable economy through its taxing and spending decisions

A

fiscal policy

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15
Q

An economic philosophy that holds that private firms and individuals should be left alone to make their own production and distribution decisions

A

laissez-faire

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16
Q

what shattered the idea that economy was self-regulating, that it would correct itself after a downturn

A

great depression

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17
Q

was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States

A

great depression

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18
Q

It was the longest, deepest, and most widespread depression of the 20th century

A

great depression

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19
Q

his spending and jobs programs, which stimulated the economy and created jobs ushered in the modern era

A

Franklin Roosevelt

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20
Q

origin of fiscal policy

A

economic theories of John Maynard Keynes

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21
Q

according to him, the downturn could be shortened only if the government compensates in the slowdown in private spending by increasing its spending level

A

John Maynard Keynes

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22
Q

During an ____________, the government should engage in massive new spending programs to speed the recovery

A

economic depression

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23
Q

During a ___________ spending should also be increased but by a lesser amount

A

recession government

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24
Q

based on demand-side economics

A

Keynes’s theory

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25
Q

refers to a very severe and sustained economic downturn

A

depression

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26
Q

refers to a moderate but sustained downturn of the economy

A

recession

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27
Q

Under this fiscal policy, government can use increased spending, placing money into people’s hands

A

demand-side

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28
Q

combatted the steep economic slide precipitated by the near collapse of the financial markets

A

American economic recovery and reinvestment act of 2009

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29
Q

term for the provision of financial help to a corporation or country which otherwise would be on the brink of failure orbankruptcy

A

bailout

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30
Q

refers to attempts to use monetary or fiscal policy(or stabilization policyin general) to stimulate the economy

A

stimulus

31
Q

the ability of an executive to formulate the budget, present it to the legislature and execute or control the budget

A

budgetary power

32
Q

the sum of money allocated for the government’s expenditures for a given year

A

national budget

33
Q

the government spends more than it collects in taxes and other revenues

A

deficit spending

34
Q

he/she has power to draft the national budget

A

chief executive

35
Q

refers to a condition when the government’s expenditures exceed its revenues

A

deficit

36
Q

total cumulative amount that the government owes creditors

A

national debt

37
Q

when revenues would equal government expenditures

A

balanced budget

38
Q

refers to a condition when the governments revenues exceed its expenditures

A

surplus

39
Q

fiscal policy boosts the economy by putting money into producer’s hands

A

supply-side policy

40
Q

included large tax breaks for firms and upper income individuals

A

Reaganomics

41
Q

Was also the basis of George W. Bush’s economic initiatives

A

reaganomics

42
Q

Included reductions in the personal income tax and in capital gains tax

A

reagnomics

43
Q

refers to revenue collected from what people gain from the sale of stocks

A

capital-gains tax

44
Q

they pursued tax policies favoring working-class people and lower-middle class; They typically advocate a graduated, or progressive personal income tax in which the tax rate increases significantly as income rises, thus shifting tax burdens to wealthier individuals.

A

Democrats

45
Q

he argued that his tax cut would boost economic activity to such an extent that revenue would actually increase

A

bush

46
Q

refers to the general increase in the average level of prices of goods and services

A

inflation

47
Q

term used to refer to a period of slow economic growth coupled by the rising of prices

A

stagflation

48
Q

T/F
strong currency could trigger inflationary spiral

A

f (weak)

49
Q

like Niall Ferguson he predicts that a nation’s fiscal crisis could cause its decline. “That’s how empires decline.”

A

Doomsayers

50
Q

tool of economic management used by the government based on the manipulation of money in circulation

A

momentary policy

51
Q

Economists who emphasize monetary policy are called

A

Momentarist

52
Q

he held that supply and demand are best controlled by manipulating the money supply

A

Milton Friedman

53
Q

T/F
less money in circulation contributes to inflation because too many dollars are chasing a few goods which drives up prices

A

F (too much)

54
Q

T/F
Too little money in circulation results in a slowing economy and rising unemployment because consumers lack the ready cash and easy credit required to maintain spending levels

A

t

55
Q

they believe in increasing the money supply when the economy needs a boost and decreasing the supply when it needs to be slowed down

A

Momentarist

56
Q

Money supply is controlled by the _______

A

Central Bank

57
Q

basic structureof the Bangko Sentral includes:

A

momentary board, momentary stability sector, supervision and examination sector, human management sector

58
Q

exercises the powers and functions of the BSP, such as the conduct of monetary policy and supervision of the financial system;

A

momentary board

59
Q

takes charge of the formulation and implementation of the BSP’s monetary policy, including serving the banking needs of all banks through accepting deposits, servicing withdrawals and extending credit through the rediscounting facility;

A

momentary stability secctor

60
Q

enforces and monitors compliance to banking laws to promote a sound and healthy banking system

A

supervision and examination sector

61
Q

serves the human, financial and physical resource needs of the BSP

A

resource management sector

62
Q

An economic principle that holds that firms should fulfil as many of society’s needs as possible while using as few of its resources as possible. The greater the output (production) for a given input (for example, an hour of labor) the more efficient the process.

A

efficiency

63
Q

Where thus the burdenof taxation shift

A

Corporations to individuals

64
Q

This may dominates the government approachto labor

A

Laissez-faire thinking

65
Q

this may bring about change in labor’s position

A

economic downturn

66
Q

this theory holds that the level of the government’s response should be commensurate with the severity of the downturn

A

Keynesian theory

67
Q

they see an economic downturn through the lens of the business firms

A

republicans

68
Q

he tuns into tax cuts as a means of stimulating business activity

A

Reagan

69
Q

they pursued tax policies favoring working-class people and lower-middle class

A

democrats

70
Q

this theory holds that the level of the government’s response should be commensurate with the severity of the downturn

A

keynesian theory

71
Q

it can be implemented more quickly.

A

Momentary policy

72
Q

Burdens that society incurs when firms fail to pay the full cost of production.

A

Externalities

73
Q

Example of externality

A

Pollution

Contemporary (9 decks)

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