Question 1

Describe the government's role in creating the foundation for a market economy.

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Question 2

Provide a history and discussion of the Affordable Care Act (ACA), popularly known as "Obamacare." How did it work, and who did it affect? Why were Republicans opposed to the act, meanwhile, and how did their efforts to repeal or reform the law turn out?

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Question 3

In the late 1970s, President Jimmy Carter undertook measures to discourage the consumption of gasoline as well as the large profits in the oil business in an attempt to control price inflation.

Accepted Answer

President Jimmy Carter implemented policies such as promoting energy conservation and deregulating domestic oil prices to reduce dependency on foreign oil and control inflation during the energy crisis of the late 1970s.

Question 4

From the earliest days of the American republic, banks were heavily regulated by federal, and sometimes state, regulators.

Accepted Answer

In the earliest days of the American republic, banks were primarily regulated by state governments, as the federal government had limited involvement in banking regulation until later developments such as the National Bank Act of 1863.

Question 5

What goals should social and economic policies promote and why?

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Question 6

Discuss the advantages and disadvantages of regressive and progressive tax policies.Which one would you recommend and why?

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Question 7

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?

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Question 8

The world's increasingly interconnected economy relies upon the idea that individual countries should only cooperate with other national economic institutions when it is in their best interest to do so.

Accepted Answer

The interconnected global economy often relies on cooperation and collaboration between countries, even when it may not be in their immediate best interest, to ensure stability, growth, and mutual benefits in the long term.

Question 9

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

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Question 10

List and define the prerequisites for a market economy.

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Question 11

What are the tools of economic policy?

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Question 12

Worker contributions to Social Security accumulate in a personal account much as a private annuity does.

Accepted Answer

Social Security contributions are not accumulated in personal accounts; instead, they are pooled into a trust fund used to pay current beneficiaries.

Question 13

After the United States' economy fell into recession in 2008, unemployment began to climb, and it stayed in the range of 9-10 percent over the next year, as well as most of 2010.

Accepted Answer

The Great Recession, which began in December 2007, led to high unemployment rates in the United States, peaking around 10% in 2009 and remaining elevated through most of 2010.

Question 14

What challenges does the current Social Security system face? How should these problems be addressed?

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Question 15

Although its chair and board members are appointed by presidents, in all other concerns the Federal Reserve System (the Fed) is an independent agency.

Accepted Answer

The Federal Reserve operates independently of the government in its decision-making processes, despite its leadership being appointed by the President.

Question 16

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.

Accepted Answer

The launch of Sputnik by the Soviet Union in 1957 spurred the U.S. to improve its education system, particularly in science and technology, leading to increased federal involvement.

Question 17

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?

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Question 18

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).

Accepted Answer

The United States did not have a central bank during this period, as the Second Bank's charter was not renewed, and the Federal Reserve System was only established in 1913.

Question 19

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

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Question 20

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.

Accepted Answer

The Kennedy administration implemented a tax cut in the early 1960s, influenced by Keynesian economic principles, to stimulate economic growth and reduce unemployment.

Quiz 13: Introduction to Public Policy