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Question 1

(TCO 7) Radicals use the term “political economy” instead of _____ to describe their critique of capitalism and the inequitable distribution of wealth among nations.

Marxism

laissez-faire

public choice

Keynesian

Question 2

(TCO 7) Early 20th-century European governments subscribed to _____ doctrines, generally keeping their hands away from the economy.

classic liberal

inflationary

neoclassical

Smithian

Question 3

(TCO 7) President Jimmy Carter attempted to stimulate the economy, but this made inflation worse. This led him to _____.

lose the 1980 election

slash prices of corn and soybeans

subsidize major oil companies

increase the national deficit

Question 4

(TCO 7) What event is largely considered responsible for deterring Johnson’s War on Poverty?

Great Society

Vietnam War

Middle-class entitlements

Tax expenditures

Question 5

(TCO 7) Analyze recent changes to the Food Stamp program.

The distribution of cash grants allows the program to be easily misused.

The updated debit card system makes the program more difficult to misuse.

Many recipients sell Food Stamps for 50 cents on the dollar in order to purchase drugs and alcohol.

The program allocates surplus government dairy to the poor, ameliorating milk and cheese inflation.

Question 6

(TCO 7) Medical costs consume nearly _____% of the U.S. gross domestic product, most of it paid through government and private health insurance.

11

18

22

26

Question 7

(TCO 7) According to political scientist Ira Sharkansky, “All modern states are welfare states, and all welfare states are _____.”

democratic

compassionate

bureaucratic

incoherent

Question 8

(TCO 7) How might Americans’ reluctance toward entitlement programs benefit them in the long run?

Citizens will pay lower taxes, stimulating the economy via “trickle-down” economics.

Entitlement programs are complex and inefficient; our government will save time and money by proceeding with caution.

Americans can justify raising the debt ceiling through entitlement programs, so long as they are wary of the choices they make.

Government subsidies to businesses, rather than spending on welfare programs, will help the United States generate revenue and reduce overall spending.

Question 9

(TCO 7) What was the poverty line in 2012?

$14,505

$17,060

$23,050

$26,750

Question 10

(TCO 7) Theoretically, what are the consequences if the government assumes the burden of bad loans?

Citizens will default on their mortgages.

Banks will learn from their mistakes and pay back the burden with interest.

Ultimately, the government will profit.

Firms will be encouraged to continue their risky behavior.