Question 1

What portion of the federal government is responsible for monetary policy,and how does it affect the economy?

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Question 2

What was the purpose of the Personal Responsibility and Work Opportunity Reconciliation Act,and what effect has it had?

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Question 3

Why do adjustments to interest rates by the Federal Reserve Board matter?

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Question 4

Briefly compare and contrast progressive,proportional,and regressive taxes. Give an example of a progressive tax and of a regressive tax.

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Question 5

How did President George W. Bush propose to reform Social Security? How have President Barack Obama's proposals differed from those of his predecessor?

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Question 6

The federal government is using fiscal policy when it cuts __________ in order to boost the economy.

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Question 7

What is the concern regarding the Social Security Trust Fund?

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Question 8

Discuss the two major economic worries faced by members of Congress: unemployment and inflation. What options are available to address them?

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Question 9

A(n)__________ program distributes benefits on the basis of demonstrated need.

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Question 10

How does the U.S. Census Bureau determine the poverty line? Explain how this official statistic is calculated,and describe how scholars today believe it should be adjusted.

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Question 11

The most expensive public policy in the United States is __________.

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Question 12

The Federal Reserve Board (the Fed)is chaired by someone who has more power over the U.S. economy than does any other person-including the president. How was the Fed designed so that it is able to have such power?

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Question 13

Keynesians in Congress would support increasing __________ as a means to address high levels of unemployment.

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Question 14

How does American social welfare policy compare to that of European democracies?

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Question 15

What is fiscal policy? What are the primary tools of fiscal policy?

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Question 16

Briefly describe how government spending provides cash and in-kind benefits for Americans. Who benefits from these programs? How have these programs affected poverty?

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Question 17

Imagine the economy is slipping into a recession. What would a Keynesian advocate and why?

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Question 18

Tax cuts are a key tool of the __________ economic approach.

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Question 19

Monetarists favor using __________ to manage the growth of the money supply in the United States.

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Question 20

How does the unemployment rate differ from the underemployment rate? Why is it important to take both of these rates into account when evaluating the economy?

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Quiz 16: Economic and Social Welfare Policymaking