Economics Exam 3 Study Guide
1. Between 1955 and 2006,
Federal Spending as a percentage of GDP ranged between what percentages?
2. The United States
Constitution states that the budget follows a process. Briefly describe the
process?
3. A continuing resolution
allows what to happen when what occurs?
4. A continuing resolution
allows spending to go on for what period of time?
5. Laws that change the tax
code must begin in what branch of the government?
6. The Fiscal Year for the
Federal Government begins on what month and date?
7. Programs such as Social Security and Medicare are what type of spending items for budget purposes? Hint: there are two, which one is associated with the above programs.
8. When the federal
government borrows large amounts it may limit the ability of the private sector
to get financial capital for its purposes. Economists would call this
_______________.
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9. The trends in the share of mandatory
and discretionary spending suggest that the percentage attributable
to mandatory is doing what? What did President Clinton predict?
10. Spending
on programs for which there is an existing legal obligation is labeled
11. Spending
on programs for which there is no existing legal obligation to continue is
called
12. What
is the largest single item in the Federal Budget is
13. Real
federal spending (in dollars) on Health Care functions has done what over
time? Is it a small or large problem?
14. Using
marginal analysis, an economist would judge the proper size of government by
comparing
Remember the example in class?
Remember the example in class?
15. Using
marginal analysis, an economist would judge the proper distribution of
government spending by comparing? Remember the example in class?
16. The
national debt is defined as? What is a budget deficit?
17. An
increasing portion of the U.S. national debt is held by whom or what?
18. Define
generational accounting and who is affected by what means?
23. One
of the most significant factors causing the recession of 2007 - 2009 was?
24. The
stimulus package actually implemented by the Bush Administration in 2008
included what for individuals and married couples.
25. As
the U.S. recession was developing in the summer of 2008, oil prices peaked
near (how much per barrel)?
26. The
stimulus package proposed in 2009 by President Obama included what spending
provisions>
27. As
unemployment rose in 2008, non-discretionary fiscal policy measures included
spending increase for what programs.
28. The
stimulus package adopted in 2009 by President Obama included what major
component provisions.
29. The
deepening recession in late 2008 sharply reduced consumer confidence,
causing what to happen to AD?
30. If
an adverse shock reduces the level of aggregate demand, it is likely to lead
to what effect on RGDP and employment?
31. The
main effect on the economy of the financial sector crisis in late 2008 did what
to the economy?
32. If
not corrected, the financial sector crisis of late 2008 would have tended to?
33. Discretionary
fiscal policy designed to counteract a reduction in aggregate demand might
include increases in what programs?
34. Non-discretionary
fiscal policy designed to counteract a reduction in aggregate demand might
include increases in what programs?
35. A
factor tending to slow the U.S. economy early in the recession of 2007 - 2009
was—what was going on in the energy markets?
36. The
appropriations process is smooth or not?
37. The
impending retirement of aging Baby Boomers is quite likely to re-establish the
trend of greater mandatory spending? Do you agree?
38. "Exotic"
mortgages became popular in part because home prices were expected to always
rise in value? Was this faulty thinking or opportunistic?
39. Non-discretionary
fiscal policy designed to counteract a reduction in aggregate demand might
include: What non-discretionary spending programs would you expect to go up
during a recession?
40. Discretionary
fiscal policy designed to counteract a reduction in aggregate demand might
include: What discretionary spending programs would you expect
to go up during a recession?
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