Test Review Flashcards
Under the Clean Air Act of 1970, states were required to…
Restrict public’s use of cars
The fiscal year goes from
October 1st to September 30th
The amount the government spends in excess of what it takes in each year is the:
Deficit
The executive agency in charge of preparing the president’s annual economic report to congress
Council of Economic Advisors
Welfare policies in which nearly everyone benefits and nearly everyone pays are characterized as:
Majoritarian Politics
Economic theory that in order for the government to increase demand, it should pump more money into the economy by spending
Keynesian Politics
In America, when compared to most European democracies, _____ play(s) a large role in running welfare programs
States
The Social Security Act became law in ____
1935
What is not a means tested program
Medicare
Medicaid different from Medicare in that is provides
Medical assistance to the general public
Only a few people benefit and a few pay
Interest-Group Politics
All or most people benefit and all or most paw
Majoritarian Politics
1 notable difference between the passage of Medicare (1965) and the Patient Protection and Affordable Care Act (2010) was…
The lack of bipartisan support for the 2010 Act
A means tested social program is limited to people of certain
Income Levels
According to this economic theory, cutting taxes will increase people’s incentive to work, save, and invest
Supply-Side Economics
Welfare policies which a relatively few number of people benefit but almost everyone pays are characterized by:
Client Politics
The Gramm-Rudman Act was passed by Congress to
Eliminate deficit spending
Extends Health Care insurance to some 32 million uninsured americans
Patient Protection and Affordable Care Act of 2010
Imposes a “tax” penalty on people who do not but health insurance
Patient Protection and Affordable Care Act of 2010
Provides federal subsides to people who are having trouble paying
Patient Protection and Affordable Care Act of 2010
Dependent children under age 26 are covered by parent’s insurance
Patient Protection and Affordable Care Act of 2010
The total value of all nation’s goods and services produced in each year
Gross Domestic Products
Consumer and Environmental Protection laws are considered what type of politices
Entrepreneurial
The federal organization in primarily responsible for monetary policy
Fed
Milton Friedman believed that inflation occurs
When too much money chases too few goods
Welfare politics in which relatively few number of people benefit but almost everyone pays
Client Politics
