Exam 13: Introduction to Public Policy

Because a growing proportion of the annual federal budget is consumed by nondiscretionary spending,what specific recommendations would you make in terms of government priorities in an era of increasing national debt and continued risk of shocks to the national economy?

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

The Personal Responsibility and Work Opportunity Reconciliation Act restricts individual entitlement to assistance to a lifetime limit of __________ years.

Laws that structure the conditions under which you can sell your property are called

Unlike Social Security,Medicare is a means-tested program.

Social Security is an example of a __________ program.

Why does the United States adjust the welfare system to allow certain benefits to persist for only certain periods of time?

Since the late 1980s,the Social Security system has collected more payroll taxes than it paid out in benefits.The excess funds have been

Supplemental Nutrition Assistant Program (SNAP) benefits are an example of a program that

The market value of the goods and services produced in an economy is the

The gross domestic product (GDP) is the market value of the goods and services produced in the economy.

Common terminology,uniform weights and measures,and consistent specifications for both quantities and qualities of goods are called

The market value of the goods and services produced in an economy minus income from foreign investments is the

List and define the prerequisites for a market economy.

Poorhouses and vagrancy laws are examples of government efforts to

Social Security is the only pension plan for more than half of all American workers.

The power of the central banking system in the United States to buy and sell government securities to increase or decrease the supply of money in the economy is called

Why did Congress begin to adopt national business regulations?

Why did government initiate the welfare state? What factors have contributed to its growth?

A prerequisite for a market economy is a government that maintains competition across the various sectors of the economy.