Question 1

The Labor Department's ______ is the primary agency responsible for collecting data on employment and unemployment.

Accepted Answer

The answer of The Labor Department's ______ is the primary...

Question 2

Discuss the two major ways that the federal government can reduce the deficit. In your discussion, explain the advantages and obstacles to each major approach.

Accepted Answer

The answer of Discuss the two major ways that the...

Question 3

A CPI between ______% and ______% is one that most government policy makers can accept as tolerable.

Accepted Answer

A CPI between 1% and 4% is commonly accepted as a tolerable rate of inflation by most government policy makers. This is because it indicates a stable economy with moderate growth, while also allowing room for price adjustments and preventing deflation.

Question 4

The United States is said to run an annual ______, which refers to an excess of spending over revenues in a given year.

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The answer of The United States is said to run...

Question 5

______ means an increase in the production of goods and services each year, and it is expressed in terms of a rising gross domestic product (GDP).

Accepted Answer

The answer of ______ means an increase in the production...

Question 6

______ refers to the sum total of the use of taxing and spending by the federal government.

Accepted Answer

The answer of ______ refers to the sum total of...

Question 7

Tax policy includes a variety of methods used to increase revenues. Explain the variables of taxation noted by
B. Guy Peters (2006).

Accepted Answer

The answer of Tax policy includes a variety of methods...

Question 8

A ______ tax is a tax that increases with the amount of income a person earns.

Accepted Answer

The answer of A ______ tax is a tax that...

Question 9

The national debt, which is the accumulation of all of the deficits the nation has run, was nearly ______ in December 2016.

Accepted Answer

As of December 2016, the national debt was nearly $20 trillion.

Question 10

A positive ______ occurs when the United States exports more than it imports.

Accepted Answer

The answer of A positive ______ occurs when the United...

Question 11

How does an increase in unemployment levels affect the federal budget?

Accepted Answer

The answer of How does an increase in unemployment levels...

Question 12

What is the difference between the federal deficit and the federal debt? How does the deficit relate to economic growth?

Accepted Answer

The answer of What is the difference between the federal...

Question 13

Inflation is measured by the ______.

Accepted Answer

The answer of Inflation is measured by the ______....

Question 14

______ is critical to all other government functions.

Accepted Answer

The answer of ______ is critical to all other government...

Question 15

A simple definition of inflation is an increase in the costs of goods and services.

Accepted Answer

The answer of A simple definition of inflation is an...

Question 16

______ is a component of economic policy related to the amount of money in circulation that is implemented by the Federal Reserve Board (Fed).

Accepted Answer

The answer of ______ is a component of economic policy...

Question 17

Describe the positions that opposing sides take with regard to the U.S. balance of trade. Why do some argue that a negative balance of trade is undesirable, while others argue that a negative balance of trade is not a problem?

Accepted Answer

The answer of Describe the positions that opposing sides take...

Question 18

The Federal Reserve Board is also referred to as the ______.

Accepted Answer

The answer of The Federal Reserve Board is also referred...

Question 19

The accumulation of deficits over time is known as the federal ______.

Accepted Answer

The answer of The accumulation of deficits over time is...

Question 20

______ has obvious benefits to the economy as well as to the individuals.

Accepted Answer

The answer of ______ has obvious benefits to the economy...

Quiz 7: Economic and Budgetary Policy