gov final Flashcards
(49 cards)
Know the significance of the Fair Labor Standards Act.
What is laissez-faire economics?
What is supply-side economics?
What is the difference between progressive and regressive taxes?
What are means-tested benefits?
What is indexing?
What is shadow welfare?
What are Medicare and Medicaid and how are they different?
Know the difference between noncontributory and contributory programs
What is a cost-of-living adjustment?
How do America’s health care costs compare to the rest of the world?
When was the last balanced budget?
What is a budget deficit?
What is the national debt?
What is an income tax?
What is monetary policy and what is fiscal policy?
What role does the Federal Reserve play in regulating the economy and what tools do they use?
How does Congress regulate the economy?
What is the definition of public policy?
What economic event changed the relationship between the government and the economy?
What is a recession?
What is a depression?
What is inflation?
What is gross domestic product?