Week 10

Question 1

the science of the production and distribution of wealth

Answer 1

economics

Question 2

the products and services offered & the ability to buy

Answer 2

supply and demand

Question 3

when spending produces more income over time than what was spent initially

Answer 3

multiplier effect

Question 4

an effort by the federal government to address a slowdown in economic growth by putting money back into the hands of workers and businesses

Answer 4

Economic Stimulus Act of 2008

Question 5

this legislation authorized the Treasury Secretary to spend up to $700 billion to buy troubled assets, thereby creating the TARP program

Answer 5

Emergency Economic Stabilization Act of 2008 (EESA)

Question 6

originally the program included efforts to stimulate the economy that were estimated to total $821 billion in increased discretionary and mandatory spending and reduced tax revenue over the next 10 years.

Answer 6

American Recovery and Reinvestment Act of 2009 (ARRA)

Question 7

Comprise all civilians who had no employment during the reference week [the week in which the data were gathered that month], who made specific efforts to find a job within the previous 4 weeks (such as applying directly to an employer or to a public employment service or checking with friends), and who were available for work during that week, except for temporary illness. Persons on layoff from a job and expecting recall are also classified under this category as well

Answer 7

unemployment

Question 8

unemployment due to the structure of our economic system (ex; some people, in spite of wanting to work, find themselves unable to gain access to training or education needed for the jobs available.)

Answer 8

structural unemployment

Question 9

a person who was trained for and employed in an occupation that is no longer needed

Answer 9

dislocated worker

Question 10

unemployment that reflects changes in the times of the year (ex; retailers sell most of their goods during the winter holiday season, so they hire more workers at that time)

Answer 10

seasonal unemployment

Question 11

unemployment that is limited to a specific region or a specific type of work

Answer 11

geographic/industry unemployment

Question 12

a situation in which there are very few workers available for jobs paying typical wages and those looking for jobs can find them

Answer 12

full employment

Question 13

an act whose goal was maximum employment through government actions such as spending and taxing to stabilize the economy

Answer 13

Employment Act of 1946

Question 14

an act with the goal of creating public service jobs

Answer 14

Comprehensive Employment and Training Act of 1973 (CETA)

Question 15

an act passed to replace CETA and change job creation from the public sector to the private sector

Answer 15

Job Training Partnership Act (JTPA)

Question 16

this act required states to offer employment services through a centralized system with one-stop centers (also replaced JTPA)

Answer 16

Workforce Investment Act (WIA)

Question 17

compulsory payments made to the government to ensure that we have a government that will maintain law and order, protect property rights, and uphold civil rights

Answer 17

taxes

Question 17

an act with the goal of highlighting the strengths of the WIA including state and local governance and use of local boards while streamlining the services offered and reducing administrative barriers

Answer 17

Workforce Innovation and Opportunity Act (WIOA)

Question 18

taxes that take an increasing percentage as income rises

Answer 18

progressive taxes

Question 19

taxes that are proportionately higher on low-incomes

Answer 19

regressive taxes

Question 20

a governmental guarantee of a base hourly wage

Answer 20

minimum wage

Question 21

an act that standardized work hours and controlled child labor as well as set the minimum wage

Answer 21

Fair labor Standards Act of 1938

Question 22

an act which raised the minimum wage to $4.75 and then to $5.15

Answer 22

Small Business Protection Act

Question 23

enacted in 1975, the legislation allows for a decrease in taxes paid for low-income workers.

Answer 23

Earned Income Tax Credit

Question 24

when the government ends the year with more revenue than was spent

Answer 24

surplus

Question 25

when the government overspends

Answer 25

deficit

Question 26

the amount of borrowed money financed through the selling of government treasuries to the public

Answer 26

public debt

Question 27

the tendency for companies to export jobs, made possible with technological advances

Answer 27

employment outsourcing

Question 28

another name for Social Security

Answer 28

Old-Age, Survivors, and Disability Insurance (OASDI) program

Question 28

a collectively funded program for workers and their dependents that provides economic resources at the conclusion of employment

Answer 28

social insurance

Question 29

a set of legal reforms put forth by President Franklin D. Roosevelt that set a new legislative tone for the country. these programs were designed to employ people and return the economy to working order

Answer 29

New Deal

Question 30

provided benefits for retired workers who had paid taxes into the system while employed in industry and commerce

Answer 30

Old-Age Insurance

Question 31

added in 1956 to provide cash benefits for disabled workers, expanded throughout the 1950s to include benefits for dependents of disabled workers, and for adult disabled children of deceased or retired workers

Answer 31

disability insurance

Question 32

provided through federal-state partnerships that give benefits to regularly employed members of the labor force who become involuntarily unemployed

Answer 32

Unemployment Insurance (UI) program

Question 33

all taxes collected from employers are deposited into this fund that is invested as a whole but each state has a separate account from which to pay benefits

Answer 33

Federal Unemployment Trust Fund

Question 34

originally a group of grants to states for means-tested programs for poor elderly persons, people who were blind, and mothers and children who needed health and welfare services

Answer 34

public assistance

Question 35

the law that mandates payment for employees

Answer 35

Federal Insurance Contributions Act (FICA)

Question 36

the fund that can only be used for the OASDI program in the form of monthly benefits, vocational rehabilitation services for disabled beneficiaries, administrative costs, and lump-sum death payments for eligible survivors

Answer 36

Social Security Trust Fund

Question 37

this legislation removed barriers so that seniors could work without having their benefits reduced

Answer 37

Senior Citizens’ Freedom to Work Act