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Economic Policy Flashcards

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1
Q

“Laissez Faire”

A

Opposed government interference in economic affairs beyond the minimum necessity

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2
Q

Sherman Anti-trust Act

A

empowered federal government to prevent monopolistic business practices that were detrimental to society

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3
Q

What are the seven marginal tax rates for personal income taxes

A

10% 15% 25% 28% 33% 35% 39.6%

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4
Q

Graduated income taxes was authorized by what amendment?

A

16th amendment

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5
Q

Graduated income taxes?

A

imposed a higher rate of taxes on people with higher incomes

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6
Q

What are regressive taxes?

A

taxes the poor pay that’s a higher portion of their income to satisfy tax obligations than the wealthy

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7
Q

How much did Obama propose for federal budget for fiscal year 2016

A

4 trillion

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8
Q

How much is the personal income tax expected to generate in FY15

A

1.6 TRILLION

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9
Q

How much will corporate income taxes raise in FY16

A

473 BILLION

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10
Q

How much are social income taxes expected to generate in FY16

A

1 trillion

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11
Q

How much are excise taxes expected to generate in FY16

A

110 BILLION

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12
Q

What is Medicare?

A

the country’s basic health insurance for people who are 65+

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13
Q

Medicare: Hospital Insurance

A

pays for in-patient hospital care

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14
Q

Medicare: Medical Insurance

A

helps pay for doctor services for out-patient care

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15
Q

What is the medicare medical insurance premium for 2015?

A

104.90/month

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16
Q

Medicare: Medicare Advantage

A

having your choice of medicare

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17
Q

Medicare: Medicare prescription drug plan

A

medicare patients are able to get drug coverage

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18
Q

What are the previous efforts to save social security?

A

1) increasing age for full retirement
2) increasing the fica tax rate
3) increasing the cap on earnings
4) bringing newly hired federal employees into the social security system

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19
Q

What is the federal reserve system?

A

consists of 12 federal reserve banks

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20
Q

Who is the chair of the federal reserve

A

Janet Yellin

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21
Q

Monetary policy tools used by the feds?

A

techniques aimed at affecting the amount of money in circulation and the availability of credit to influence the economy.

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22
Q

What are “tight money” policies used for by the feds?

A

restrain and prolong boom periods in the nations economy

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23
Q

What are “loose money” policies used for by the feds?

A

used to check deflation and to fight recessions by making money and credit more freely available

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24
Q

Open market operations?

A

buying and selling of government securities, bills of exchange by the federal open market committee

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25
Q

What are reserve ratio requirements?

A

the percentage of liquid assets held by a bank as a reserve for its deposits

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26
Q

What are rediscount rate adjustments?

A

interest rate charged by a federal reserve bank to members when they borrow money from it

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27
Q

When would the fed increase the discount rate

A

when the economy is booming and there is a threat of high inflation rates

28
Q

When would the fed reserve bank decrease the discount rate?

A

when the economy is in a recession or slowing down and unemployment levels are increasing

29
Q

National Labor relations board vs. Jones and Laughlin steel company?

A

reversed the rejection of legislative delegation to administrative agencies and was willing to accept governmental regulation of the private sector

30
Q

National Industrial Recovery act

A

formed under the new deal; established regulatory codes of fair competition for industries to reduce unemployment

31
Q

G.I. Bill?

A

provided college and education for returning WWII vets as well as one year of unemployment compensation

32
Q

Full employment act of 1946?

A

fiscal and monetary policies integrated with federal budget in order to encourage appropriate employment levels

33
Q

Joint Economic Committee?

A

bicameral congressional committee composed of 10 members from the senate and house

34
Q

3 monetary policy tools

A

1) open market Operations
2) Reserve Ratio Requirements
3) Rediscount Rate Adjustments

35
Q

What are monetary policy tools

A

controlling the amount of money in circulation

36
Q

What are fiscal Policy Tools?

A

Using the spending and taxing power of the government to influence prices, income and employment

37
Q

Taxation?

A

Used to influence the volume of spending by people in society

38
Q

Tax increases reduce what?

A

Reduces the amount of disposable income for consumer purchases

39
Q

Tax reductions increases what?

A

increases amount of money in circulation

40
Q

What was the national debt as of April 15, 2015?

A

18.1 trillion

41
Q

How much of the debt is held by the public

A

13 trillion

42
Q

How much of the debt is intragovernmental holdings?

A

5 trillion

43
Q

The federal debt ceiling was raising in 2012 to how much?

A

16.3 trillion

44
Q

The major federal tax expenditures include what?

A

1) exclusion of employer’s contribution to their employees med. insurance
2) exclusion of pension plans
3) deduction of mortgage for owner occuppied homes

45
Q

What is a government budget?

A

a statement of revenues and expenditures

46
Q

In order for a federal agency to legally spend money Congress must do two things:

A

1) Adopt an authorization bill

2) Adopt an appropriation bill

47
Q

Balanced Budget

A

proposed expenditures equal actual and estimated revenues and surplus.

48
Q

Capital Budget

A

portion of the Budget that deals with projects for the construction, renovation etc

49
Q

Operating Budget

A

portion of the Budget which deals with the general day to day activities and expenses of Government

50
Q

Reasons for the Growth in the Size of the Federal Budget (5)

A

1) Increased Size of Government Employment
2) A Societal desire for “Guns & Butter
3) An Electoral System Which Tends to Encourage “Pork Barrel” Spending
4) There has been an Increased Reliance on Intergovernmental Aid
5) Growth (nearly uncontrollable) in So-called Government Entitlement Programs

51
Q

16th amendment

A

levy an income tax “from whatever source derived

52
Q

Second Liberty Bonds Act of 1917

A

The Treasury Department was authorized to pay debts and borrow money on the credit of the U.S. Government up to a specified amount (“debt ceiling”)

53
Q

Budget and Accounting Act of 1921 established what?

A

1) Bureau of the Budget (BOB)
2) GAO
3) Congressionally oriented budget process

54
Q

“Pay as you go”-federal income tax withholding

A

greatly expanding the capacity of the federal government to raise revenue

55
Q

The (Full) Employment Act of 1946

A

recognized that so-called fiscal and monetary policy should be integrated with federal budgets

56
Q

Congressional Budget and Impoundment Control Act of 1974 created what?

A

1) created the house and senate budget committees
2) created the congressional budget office
3) changed the fiscal year to october 1 -september 30

57
Q

The Balanced Budget and Emergency Deficit Control Act of 1985

A

sought to eliminate worrisome federal deficits by fiscal year 1991

58
Q

Wall Street Bailout – Emergency Economic Stabilization Act of 2008

A

authorized the U.S. Treasury Department to spend up to $700 Billion under the so-called Troubled Assets Relief Program (TARP) to purchase distressed assets, especially mortgage-backed securities, and make capital injections into banks

59
Q

Collective Bargaining

A

management and labor representatives as “co-equals” in bilateral negotiations to determine wages, hours and other terms

60
Q

The National Industrial Recovery Act (NIRA) of 1933

A

efforts on behalf of industry to counter the effects of the Great Depression

61
Q

National Labor Relations Act of 1935 created what?

A

1) Identification of rights of employees

2) prevention of employer unfair labor practices

62
Q

Fair Labor Standards Act of 1938 a.k.a., the “Wage and Hour” Law

A

1) created minimum wages
2) max work hours
3) child labor provisions

63
Q

Labor-Management Reporting and Disclosure Act of 1959, a.k.a., the “Landrum-Griffin Act established what?

A

1) bill of rights for union members
2) requirement of union finances
3) regulates scheduling of unions
4) bars ex convicts

64
Q

Equal Pay Act of 1963

A

required equal pay for equal work

65
Q

Title VII of the Civil Rights Act of 1964

A

prohibits employment discrimination in the private sector on the basis or race, religion, color, sex or national origin

66
Q

Age Discrimination in Employment Act of 1967

A

prohibits discrimination against employees and job applicants on the basis of age for persons 40 years of age and older in most occupations

Advanced American government (4 decks)

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