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We The People: Thomas Patterson- Chapter 15- Quiz Questions

front 1

Which of the following statements best describes the relationship today between government and the economy in the United States?

back 1

The government has an important role in regulating and maintaining the U.S. economy.

front 2

The term externalities refers to

back 2

The unpaid costs of production incurred by society.

front 3

When the Fed was created in 1913

back 3

It had no role in the management of the nation's economy.

front 4

A ruling by the Food and Drug Administration that a drug is dangerous to use and therefore cannot be marketed is an example of regulation for the purpose of

back 4

Equity.

front 5

The era of "new social regulation," which addressed issues such as the environment and worker safety, differed from the previous two eras of regulatory reform in that

back 5

The aim was to regulate activities of firms of many types, not just those in a particular industry.

front 6

Fiscal policy is a mechanism the government employs to influence the economy. Fiscal policy is based on

back 6

The government's taxing and spending decisions.

front 7

What did Congress do in 1995 to reduce overregulation?

back 7

It enacted legislation that prohibits administrators in some instances from issuing a regulation unless they can show that its benefits outweigh its costs.

front 8

The Progressive Era of government regulation focused on

back 8

Stopping the unfair business practices of the new monopolies, such as the railroads.

front 9

Monetary policy differs from fiscal policy in that

back 9

It can be implemented more quickly than fiscal policy.

front 10

__________ wrote The Silent Spring in 1962.

back 10

Rachel Carson.

front 11

A major point of debate surrounding the Federal Reserve's role in economic policy is

back 11

The Fed's political accountability.

front 12

Advocates of deregulation are primarily concerned with

back 12

Efficiency.

front 13

Regarding the Kyoto agreement and greenhouse gas emissions, which of the following is true?

back 13

-The United States is the largest single producer of greenhouse emissions in the world, on a per-capita basis. -President George W. Bush rejected the agreement. -The burden of addressing the global warming problem will fall unevenly on nations. **All these answers are correct.

front 14

Which president's use of government policy as economic stimulus ushered in the modern era of U.S. government fiscal policy?

back 14

Franklin Roosevelt.

front 15

The economic problem is low productivity and high unemployment, the fiscal policy action on the demand side would be to

back 15

Increase spending.

front 16

Which of the following statements is true?

back 16

Keynes advocated government spending to counteract an economic downturn.

front 17

Which is true regarding the nation's environmental policy?

back 17

A majority of the public is sympathetic to environmentalism.

front 18

Which of the following is correct about environmental policy?

back 18

The national parks are subject to a dual use of policy of preservation, recreation, and exploitation of the rich natural resources.

front 19

The Federal Reserve plays a large part in establishing __________ policy.

back 19

Monetary.

front 20

What was a major change brought about by the National Labor Relations Act of 1935?

back 20

Workers were given the right to bargain collectively.

front 21

Regulatory activity relating to the environment has actually meant that the environment today is

back 21

Vastly more clean than it was during the 1960s.

front 22

The creation of the Food and Drug Administration and the passage of the Securities and Exchange Act were intended to

back 22

Promote equity in the economy.

front 23

Farm subsidies have traditionally had strong support in Congress, particularly from

back 23

Rural-state senators and representatives.

front 24

About what percentage of the annual federal budget is accounted for by the interest paid on the national debt?

back 24

15%.

front 25

The federal government has assumed a permanent, strong role in the economy, contributing to its stability and efficiency since

back 25

The 1930s.

front 26

Government benefits for business include all of the following EXCEPT

back 26

Minimum-wage laws.

front 27

Judged in the context of the full range of public policies, the government in the United States has been

back 27

Substantially more supportive of business than labor.

front 28

In John Maynard Keynes's demand-side economic theory, an economic recession can be shortened through

back 28

Government spending programs.

front 29

Members of the Federal Reserve Board

back 29

Are appointed by the president and are not subject to removal.

front 30

The Federal Reserve controls the money supply through all of the following actions EXCEPT

back 30

Lowering the tax rate on individuals.

front 31

Over the past forty years, the burden of federal taxation has

back 31

Shifted from corporations to individuals.

front 32

What has been the preferred strategy of U.S. lawmakers for combating the problem of global warming?

back 32

Alternative energy resources and energy conservation.

front 33

Democrats in Washington have usually responded to high levels of unemployment with

back 33

Increased government spending.

front 34

The _______________ established minimum wages and constraints on the use of child labor.

back 34

Fair Labor Standards Act of 1938.

front 35

The highest rate of inflation (13 percent) since World War II occurred in __________.

back 35

1979.

front 36

Earth Day was the brainchild of Senator

back 36

Gaylord Nelson.

front 37

Keynesian economics emphasizes ____________________ as a means of curtailing economic downturns.

back 37

Increased government spending.

front 38

Which of the following government agencies regulates business competition?

back 38

All of these: the Federal Trade Commission; the Interstate Commerce Commission; and the Antitrust Division of the Justice Department.

front 39

The tax cuts pushed by President George W. Bush while in office were premised largely on

back 39

Supply-side economics.

front 40

The Tennessee Valley Authority is

back 40

An electric industry owned by the United States.