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5 Written questions

5 Matching questions

  1. Monetary Policy
  2. Temporary Assistance for Needy Families (TANF)
  3. Personal Responsibility and Work Opportunity Reconciliation Act (PRWORA)
  4. Proportional Tax
  5. Inflation
  1. a The official name of the welfare reform law of 1996.
  2. b Once called "Aid to Families With Dependent Children," the naw name for public assistance to needy families.
  3. c Based on monetarism, this is the manipulation of the supply of money in private hands by which the government can control the economy.
  4. d A tax by which the government takes the same share of income from everyone, rich and poor alike- for example, when both a rich family and a poor family pay 20%.
  5. e The rise in prices for consumer goods.

5 Multiple choice questions

  1. A controversial proposal before congress that would give patients certain rights against medical providers, particularly HMO's including the right to sue them.
  2. an economic theory advocated by President Reagan holding that too much income goes to taxes so that too little money is available for purchasing and that the solution is to cut taxes and return purchasing power to consumers.
  3. A method used to count the number of poor people, it considers what a family must spend for an "austere" standard of living.
  4. the policy that describes the impact of the federal budget-taxes, spending, and borrowing-on the economy
  5. The "Bank account" into which Social Security contributions are "deposited" and used to pay out eligible recipients.

5 True/False questions

  1. Transfer PaymentsBenefits given by the government directly to individuals. These may be either cash transfers, such as Social Security payments and retirement payments to former government employees, or in-kind transfers, such as food stamps and low-interest loans for college education.


  2. MedicareA public assistance, health care program, administered through Social Security, designed to provide health care for poor and/or disabled Americans. It is funded by both the federal government and state governments.


  3. CapitalismAn economic system in which individuals and corporations, not the government, own the principal means of production and seek profits.


  4. WealthThe amount of funds collected between any two points in time.


  5. Keynesian Economic TheoryThe theory emphasizing that government spending and deficits can help the economy weather its normal ups and downs. Proponents of this theory advocate using the power of government to stimulate the economy when it is lagging.


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