Question 1

The spokespeople for Occupy Wall Street stated that higher education was a

Accepted Answer

The spokespeople for Occupy Wall Street stated that higher education was a human right, meaning that everyone should have access to it regardless of their financial situation or socio-economic status.

Question 2

In May 2010, President Obama signed a new plan into law that would

Accepted Answer

The plan signed into law by President Obama in May 2010 was the Student Aid and Fiscal Responsibility Act, which expanded the federal student loan program and included provisions for the government to provide direct loans to college students. This choice is therefore the best option. B and C are incorrect, as the plan did not increase federal subsidies to private loans nor did it make them illegal. D is also incorrect, as the plan did not replace student loans with grant programs but rather expanded the federal student loan program.

Question 3

One of the most important jobs a president, senator, or representative does for his/her constituency is

Accepted Answer

Providing for economic opportunities is one of the most important jobs of government officials as it helps to create jobs, increase income levels, and improve the overall economic well-being of their constituents. This, in turn, can lead to further improvements in social welfare programs and a fair and equitable tax system.

Question 4

The efforts of government to regulate and support the economy in order to protect and expand citizens' financial well-being and economic prospects, as well as supporting businesses in the global financial system, is best defined as

Accepted Answer

Economic policy covers the broad range of actions taken by the government to manage and steer the economy, including fiscal, monetary, trade, and regulatory policies. It aims to create stable and favorable conditions for economic growth, job creation, and innovation, while also addressing issues such as inflation, unemployment, inequality, and environmental sustainability. It also involves cooperation with other countries through international economic agreements and organizations, such as the World Trade Organization and the International Monetary Fund, to promote global economic stability and development.

Question 5

Fearing a backlash against his administration's continuing bailout of Wall Street in the aftermath of the financial crisis of 2008, President Obama was force to adopt

Accepted Answer

President Obama adopted a more populist tone to address the backlash against his administration's continuing bailout of Wall Street. Populist rhetoric emphasized the concerns of ordinary Americans and criticized the wealthy elite, making it a more effective messaging strategy in response to popular discontent with the government's response to the financial crisis.

Question 6

In his State of the Union address before Congress and the American people in 2010, President Obama called upon Congress to support his efforts to

Accepted Answer

The answer of In his State of the Union address...

Question 7

Following the 2008 financial crisis, one White House official noted that struggling families, squeezed between sending their children to college and caring for elderly parents, had become the ______.

Accepted Answer

The phrase "sandwich generation" is used to describe individuals who are simultaneously caring for their aging parents while supporting their own children. The White House official's comment suggests that this group was particularly affected by the financial crisis, likely due to the increased financial burden of supporting both parents and children.

Question 8

If Congress chooses to lower taxes and fund programs with borrowed money, which of the following may result?

Accepted Answer

Lowering taxes and funding programs with borrowed money will increase the deficit, leading to an increased demand for borrowing from the government, which will then increase interest rates. Higher interest rates will make borrowing more expensive for consumers and businesses, leading to a decrease in borrowing and potentially lower economic growth.

Question 9

In order to make college more affordable, President Obama believed

Accepted Answer

Obama believed that colleges and universities should take action to make college more affordable by reining in their costs. He suggested that institutions could cut administrative expenses, invest in technology to reduce textbook costs, and offer more online courses to increase accessibility and reduce expenses. This approach would help to address the root cause of rising college costs and may also lead to a reduction in student debt.

Question 10

During the time of the "student debt bubble," state legislatures were

Accepted Answer

The "student debt bubble" refers to the exponential growth of student loan debt in the United States during the 2000s and 2010s. One of the main causes of this trend was the decrease in state funding for higher education, which led to public colleges and universities raising tuition to make up for the lack of financial support. Therefore, choice B is the best option as it accurately reflects the state legislature's actions during this period.

Question 11

The rising level of student loan debt in America is a cause of concern for economic policy as a whole because

Accepted Answer

When students have to dedicate a large portion of their income to paying off student loans, they have less disposable income available to spend on goods and services, which can slow down economic growth. Additionally, high student loan debt can prevent individuals from making major purchases such as homes, cars, or starting their own businesses, which also hinders economic growth.

Question 12

The 2010 midterm elections resulted in the Democratic Party's loss of

Accepted Answer

In the 2010 midterm elections, the Democratic Party lost control of the House of Representatives, while they maintained control of the Senate.

Question 13

A set of economic policy-making tools through which government tries to lower unemployment, support economic activity, and stabilize the economy through policies of taxation and spending is called

Accepted Answer

Fiscal policy involves the use of government spending and taxation to influence the economy. It is a tool used to encourage economic growth, reduce unemployment, and stabilize the economy.

Question 14

In May 2015, Robert Hiltonsmith focused his college tuition research on

Accepted Answer

Robert Hiltonsmith focused his college tuition research on state governmental support for state universities. Specifically, he looked at how changes in state funding to higher education institutions impact tuition costs for students.

Question 15

Assuming no increase in the national debt, lowering taxes would most likely have the following immediate result:

Accepted Answer

Lowering taxes would result in less revenue being brought in by the government, thus reducing the amount of money available for programs designed to spur employment and economic activity. This is assuming no increase in the national debt. While some argue that lowering taxes can stimulate economic growth, in the immediate term, it would lead to a reduction in funding for government programs.

Question 16

To try to head off pending electoral change in 2010, President Obama focused much of his first State of the Union address on

Accepted Answer

The correct answer is A, as in his first State of the Union address, President Obama focused on addressing the economic challenges facing the country, including creating jobs, improving infrastructure, and providing tax relief for middle-class families. These issues were critical in light of the pending electoral change in 2010, and President Obama aimed to lay out a comprehensive federal economic policy to address these challenges.

Question 17

A key group in the rather long list of the 99% of Americans who felt they had been left behind in the wake of the financial bailout of 2008 was

Accepted Answer

College students were a key group among the 99% who felt left behind after the 2008 financial bailout, as they faced rising tuition costs and student debt without seeing the benefits of the bailout.

Question 18

American voters want an economic climate with

Accepted Answer

A majority of American voters desire an economy with low unemployment rates, increasing incomes, stable prices, lower taxes, and effective social welfare programs. This is because such an economic climate fosters prosperity and stability, which supports the well-being and overall satisfaction of the population.

Question 19

Which of the following issues does the American electorate pay closest attention to?

Accepted Answer

Individual economic circumstances often have the most immediate and tangible impact on voters' lives, influencing their priorities and concerns in the political arena.

Question 20

The focus of this chapter is the problem of rising ______.

Accepted Answer

The chapter focuses on the problem of rising student debt, as indicated in the question.

Quiz 17: Economic Policy