1
Q

What economic theory was Reagan influenced by?

A

Supply-side economics

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2
Q

How much did travel expenses have to be cut by for members within the White House when Reagan first took office?

A

15%

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3
Q

What were Reagan’s main areas of focus for his economic policies?

A

Cutting the Federal deficit; tax reductions; deregulation; control of money supply

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4
Q

What was the aim to decrease the federal deficit to by 1986?

A

22% in 1981 to 19% in 1986

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5
Q

When was the Omnibus Reconciliation Act?

A

13 August 1981

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6
Q

What changes were made to the Omnibus Reconciliation Act by Congress?

A

The cut in personal tax went from 30% to 25%

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7
Q

When was the Economic Recovery Tax Act passed?

A

13 August 1981

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8
Q

What were the provisions of the Economic Recovery Tax Act?

A

Marginal tax cut by 23%; highest tax band fell from 70% to 50%; lowest tax band fell from 14% to 11%

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9
Q

When was Reagan’s Executive Order to set up the President’s Economic Policy Advisory Board?

A

2 March 1981

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10
Q

When was Reagan’s Executive Order for setting up the President’s Commission on Housing?

A

16 June 1981

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11
Q

When was the Tax Equity and Financial Responsibility Act passed?

A

3 September 1982 (tightens up the tax rules, raised taxes on cigarettes and telephone service)

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12
Q

When was the Consolidated Omnibus Budget Reconciliation Act passed (COBRA)?

A

7 April 1986

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13
Q

When was the Tax Reform Act passed?

A

22 October 1986

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14
Q

What was the Unemployment rate in 1980 and 1983?

A

1980= 7.1% and 1983= 9.6%

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15
Q

What was inflation in 1979, 1980 and 1982?

A

1979= 11.3%, 1980= 13.5% and 1982=6.2%

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16
Q

What was Output per worker per hour in 1981 and 1983?

A

1981=1.6; 1983=4.5

17
Q

What was the Government deficit in 1980 and 1983?

A

1980= $59 billion and 1983= $208 billion (14% of federal spending in loan interest payments)

18
Q

What was the percentage of government spending on human resources in 1980 and 1987?

A

1980= 28% and 1987= 22%

19
Q

What was the percentage of government spending on defence in 1980 and 1987?

A

1980= 23% and 1987=28%

20
Q

What did George HW Bush promise in his campaign, yet do in his presidency?

A

Raise taxes

21
Q

What were Clinton’s areas of economic focus?

A

Low inflation; high employment; reduced deficit; no tariffs to regulate trade and business

22
Q

What were Clinton’s three campaign points?

A

Address medical care; bring change; ‘the economy, stupid’