1. The tax cut signed by President George W. Bush in 2001 was premised largely on
demand-side economics.
supply-side economics.
fiscal policy.

monetary policy.
Keynesian economics.
 
2. The phrase that best describes the shift in America's world position from the pre- to the post-World War II eras is
internationalism to isolationism.
isolationism to internationalism.
containment to isolationism.
interventionism to isolationism.
Interventionism to internationalism.
 

3. The American preference for equality of opportunity is consistent with Americans'
trust in the marketplace.
belief in liberty.
support for competition in the private sector.
belief in individualism.
All of the answers are correct.
 

4. Supply-side economics is based primarily on
stimulation of the business (supply) component.
government stimulation of consumer demands.

a repudiation of trickle-down theory.
increases in taxation.
increases in government regulation.

1. increases in government regulation.
monetary
military

fiscal
budgetary
security
 
2. The policy of deterrence is based on the idea that
when threatened, a nation should strike first so that its enemy is deprived of the option of a surprise attack.
economic links with another country will deter it from aggression.
modern warfare requires a flexible response policy.
the best protection against attack by an enemy is the capacity to retaliate with a devastating attack of one's own.
preemptive strikes on one nation will persuade other nations that hostile actions directed at the
United States will be punished.
 
3. About the position of the United States in world trade, it can be said that
the United States has never had a trade surplus.
in recent years, the United States has had trade surpluses more than deficits.
the United States has the most favorable balance of trade in the world.
the United States is a larger market than the European Union.
None of the answers are correct.
 

4. The era of New Social Regulation, which addressed issues such as the environment and worker safety, differed from the previous two eras of regulatory reform in that
the Republican party took the lead in placing additional regulations on business.
the aim was to regulate activities of firms of many types, not just those in a particular industry.
the regulatory agencies were established in a way that prevented the president from having a role in their operations.

the guiding principle was self-regulation-business was given wide leeway in deciding how it would comply with the new requirement.
the guiding principle was overregulation-business would be allowed almost no leeway in deciding how it would comply with new regulations.

1. Social insurance programs have high levels of public support because
of their self-financing feature.
they are based on an equality principle-all citizens are eligible for the benefits and all recipients receive the same level of benefits.

their cost is consistently below the spending level for public assistance programs.
of the necessity of increased taxes to fund them.
None of the answers are correct.
 
2. ________ described the Soviet Union as an evil empire.
Richard Nixon
Ronald Reagan
Bill Clinton

Jimmy Carter
Gerald Ford
 
3. ________ has the highest child poverty rate among the major industrialized nations.
Sweden
Norway
France
Germany
The United States
 

4. Which of the following is true about the trade imbalance in the United States?
The United States has not had a trade surplus since 1975.
The United States has run deficits of more than $400 billion in recent years.
The United States has the worst trade imbalance of the top three economic centers.
All of the answers are correct.
None of the answers are correct.

1. In contrast with Medicare, the Medicaid program is
a public assistance program.
funded totally by the states.

funded by payroll taxes.
very popular with the general public.
designed to provide health coverage to all Americans who lack health insurance.
 
2. According to survey data, the form of assistance that Americans favor the most to help the poor is
money.
education and job training.
government jobs through government programs.

government services for the poor.
public assistance.
 
3. Which of the following is true about the Iraqi War of 2003?
The war made the United States more popular in the Arab states.
The war made the United States more popular in Italy.
The war made the United States more popular in France.
The war made the United States more popular in Germany.
None of the answers are correct.
 

4. Which of the following statements is true concerning American public opinion on school vouchers?
Americans are divided in their opinions on school vouchers.
Americans strongly support school vouchers.
Americans strongly oppose school vouchers.
Most Americans have never heard of school vouchers.
Americans favor higher taxes to pay for vouchers.

1. Earth Day was the brainchild of Senator
Ted Kennedy.
Robert Byrd.
Mike Mansfield.
Ted Stevens.
Gaylord Nelson.
 

2. A major controversy surrounding the Federal Reserve's role in economic policy is
the Fed's political accountability.
whether the president should be able to veto the Fed's decisions.

the issue of competence.
whether Congress should be able to reject the Fed's decisions.
None of the answers are correct.
 
3. The tripolar economic world consists of
the United States, Canada, and Mexico.
Japan, China, and the United States.
the United States, Japan and China, and the European Union.
the
United States, Russia, and Brazil.
North and South America, Europe, and Asia.
 
4. Which of the following is correct about environmental policy?
The national parks are subject to a dual-use policy of preservation and the extraction of timber, oil, and other natural resources.
The Environmental Protection Agency was elevated to cabinet status in 1998 by President Clinton and the Republican Congress.

Environmental regulation has done little to improve air and water quality.
Policymakers always give more consideration to environmental protection than to economic development when the two conflict.
None of the answers are correct.

 

 

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