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Economic Policy Flashcards

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
What are reserve ratio requirements?
the percentage of liquid assets held by a bank as a reserve for its deposits
26
What are rediscount rate adjustments?
interest rate charged by a federal reserve bank to members when they borrow money from it
27
When would the fed increase the discount rate
when the economy is booming and there is a threat of high inflation rates
28
When would the fed reserve bank decrease the discount rate?
when the economy is in a recession or slowing down and unemployment levels are increasing
29
National Labor relations board vs. Jones and Laughlin steel company?
reversed the rejection of legislative delegation to administrative agencies and was willing to accept governmental regulation of the private sector
30
National Industrial Recovery act
formed under the new deal; established regulatory codes of fair competition for industries to reduce unemployment
31
G.I. Bill?
provided college and education for returning WWII vets as well as one year of unemployment compensation
32
Full employment act of 1946?
fiscal and monetary policies integrated with federal budget in order to encourage appropriate employment levels
33
Joint Economic Committee?
bicameral congressional committee composed of 10 members from the senate and house
34
3 monetary policy tools
1) open market Operations 2) Reserve Ratio Requirements 3) Rediscount Rate Adjustments
35
What are monetary policy tools
controlling the amount of money in circulation
36
What are fiscal Policy Tools?
Using the spending and taxing power of the government to influence prices, income and employment
37
Taxation?
Used to influence the volume of spending by people in society
38
Tax increases reduce what?
Reduces the amount of disposable income for consumer purchases
39
Tax reductions increases what?
increases amount of money in circulation
40
What was the national debt as of April 15, 2015?
18.1 trillion
41
How much of the debt is held by the public
13 trillion
42
How much of the debt is intragovernmental holdings?
5 trillion
43
The federal debt ceiling was raising in 2012 to how much?
16.3 trillion
44
The major federal tax expenditures include what?
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
What is a government budget?
a statement of revenues and expenditures
46
In order for a federal agency to legally spend money Congress must do two things:
1) Adopt an authorization bill | 2) Adopt an appropriation bill
47
Balanced Budget
proposed expenditures equal actual and estimated revenues and surplus.
48
Capital Budget
portion of the Budget that deals with projects for the construction, renovation etc
49
Operating Budget
portion of the Budget which deals with the general day to day activities and expenses of Government
50
Reasons for the Growth in the Size of the Federal Budget (5)
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
16th amendment
levy an income tax "from whatever source derived
52
Second Liberty Bonds Act of 1917
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
Budget and Accounting Act of 1921 established what?
1) Bureau of the Budget (BOB) 2) GAO 3) Congressionally oriented budget process
54
"Pay as you go"-federal income tax withholding
greatly expanding the capacity of the federal government to raise revenue
55
The (Full) Employment Act of 1946
recognized that so-called fiscal and monetary policy should be integrated with federal budgets
56
Congressional Budget and Impoundment Control Act of 1974 created what?
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
The Balanced Budget and Emergency Deficit Control Act of 1985
sought to eliminate worrisome federal deficits by fiscal year 1991
58
Wall Street Bailout -- Emergency Economic Stabilization Act of 2008
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
Collective Bargaining
management and labor representatives as "co-equals" in bilateral negotiations to determine wages, hours and other terms
60
The National Industrial Recovery Act (NIRA) of 1933
efforts on behalf of industry to counter the effects of the Great Depression
61
National Labor Relations Act of 1935 created what?
1) Identification of rights of employees | 2) prevention of employer unfair labor practices
62
Fair Labor Standards Act of 1938 a.k.a., the "Wage and Hour" Law
1) created minimum wages 2) max work hours 3) child labor provisions
63
Labor-Management Reporting and Disclosure Act of 1959, a.k.a., the "Landrum-Griffin Act established what?
1) bill of rights for union members 2) requirement of union finances 3) regulates scheduling of unions 4) bars ex convicts
64
Equal Pay Act of 1963
required equal pay for equal work
65
Title VII of the Civil Rights Act of 1964
prohibits employment discrimination in the private sector on the basis or race, religion, color, sex or national origin
66
Age Discrimination in Employment Act of 1967
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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