Exam 13: Introduction to Public Policy

The proportion of the federal budget devoted to mandatory spending is:

List and define the prerequisites for a market economy.

A grant of cash or another commodity, such as land, to an individual or organization that is used to promote an activity or action desired by the government is called:

The power of government to set conditions on companies seeking to sell goods or services to government agencies is called contracting power.

Why has health care reform in the United States failed so often in American history, and continued to be controversial over time? What major American health care reforms have been developed over time and still have significant effects today?

During the 1970s and early 1980s, inflation was one of America's most vexing problems.

During the Kennedy administration, economists with the Council of Economic Advisers convinced the president to enact the first tax cut of the sort designed to stimulate the economy and promote full employment.

The government's use of taxing and spending powers to manipulate the economy is called monetary policy.

What ultimately led the federal government to become more involved in bettering elementary education was the Soviet Union's beating the United States into space with its Sputnik satellite mission.

The amount by which government spending exceeds revenues in a fiscal year is called the:

A system of 12 banks in the United States that facilitates exchanges of cash, checks, and credit, as well as regulating member banks, is called the Bank of the United States.

The government tries to promote economic stability by regulating competition.

The United States did not have a central bank between 1836, when Andrew Jackson terminated the Second Bank of the United States' federal charger, and 1913, when Congress established the Federal Reserve System (the Fed).

Budgetary spending items that cannot be easily avoided, such as interest payments on the national debt, are called __________ spending.

The institution established by Congress in the early twentieth century to implement monetary policy is the:

What goals should social and economic policies promote and why?

Contrast contributory programs with public assistance programs.What are the advantages and disadvantages of each?

Discuss the idea that level of public support or opposition to social programs comes down to the question of who is deserving-in other words, who the government should help.How has this affected social welfare policy in the United States in recent decades?

The national government administers the TANF program.

Why might government's defining, recognizing, and protecting property of every sort, from real estate and land to intellectual property, be so essential to the functioning of a market economy?