Exam 18: The Economy, Government, and Economic Challenges Facing the United States

The passing of a law that required all public buildings to be accessible to all individuals was an example of laissez-faire economic involvement.

Social Security is a pay-as-you-go system that depends on how many people are paying into it.

Monetary policy does NOT affect:

The Copyright Term Extension Act of 1998 is often called the "Ronald McDonald Protection Act."

To maintain its dominance in a globalized economy and the higher wages that go with that dominance, the United States will have to maintain:

In the early- to mid-2000s, the Social Security system ratio had about one person drawing out for every twenty people paying in.

What is the government's direct role in the economy? How do federal and state governments spend their budgets? What are the three sources from which governments receive funding?

Describe the problem facing the U.S. Social Security system.

The U.S. is in the globalization crisis today because it violated what is called the economic law of one price.

Social Security was called an insurance plan but actually does not meet that definition.

The first comprehensive government-administered social insurance system was enacted in:

There are many aspects of borrowing that are risky, but promised future payments on pensions are relatively safe.

The Keynesian view helped create the field of macroeconomics.

The Keynesian Revolution introduced the concept that government:

A general fiscal policy is that if total spending in the economy is too low, the government should run a budget surplus.

How is global warming an economic issue? What are economic answers to the problem of global warming, and what are criticisms of our current solution? Why must solutions to global warming occur at a global level?

The U.S. Social Security system paid out almost immediately the money it took in. Thus, it was not funded:

The Fed can help the economy by controlling:

The need for government stabilization policies through regulation comes from the tendency for the aggregate economy to:

The single largest government expenditure program is the Social Security system.