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Exam 13: Introduction to Public Policy

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Question 21

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In 2018, President Trump pledged to support a consumer protection agency established by Congress after the 2008-2009 financial crisis, and to strengthen its ability to oversee consumer lending and credit card issuer practices.

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Question 22

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When the economy began a downturn in 2007, one that rapidly worsened when the global financial system came to the brink of collapse in 2008, the Federal Reserve significantly lowered the ______________ in order to boost the economy, eventually lowering it to nearly rock bottom before pushing it upwards again in 2018.

A) federal funds rate (i.e., the interest rate charged by one bank to another)
B) discount rate (i.e., the interest it charges on loans it extends to member banks)
C) reserve requirement (i.e., the amount of cash and securities that every bank must have to cover withdrawals)
D) open-market rate (i.e., the interest it charges on loans it extends to member banks)

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Question 23

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In the early 1970s, President Richard Nixon proposed a universal comprehensive health insurance plan that was considerably more generous and government-controlled than the Affordable Care Act (ACA).

In the late 1970s, President Jimmy Carter undertook measures to discourage the consumption of gasoline as well as the large profits in the oil business in an attempt to control price inflation.

The federal government's first independent regulatory commission, the Interstate Commerce Commission (ICC), was designed to control the monopolistic practices of railroads.

In the early years of the American republic, the federal government tried to support domestic markets by restricting imported goods through tariffs, which are:

The largest single expansion in contributory programs after 1935 was the establishment in 1965 of this program, which provides medical insurance coverage for elderly persons who are already eligible for Social Security benefits:

From the earliest days of the American republic, banks were heavily regulated by federal, and sometimes state, regulators.

After the United States' economy fell into recession in 2008, unemployment began to climb, and it stayed in the range of 9-10 percent over the next year, as well as most of 2010.

If there were no Social Security, half of all senior citizens would be living below the poverty line (BPL).

Although Alexander Hamilton developed policies to promote industry at the beginning of the American republic's history, it was not until _______________, that the federal government began playing a central role in promoting economic growth.

In 2017, nearly 70 percent of the federal budget consisted of spending items that could not be controlled through the regular congressional budget process, such as payments for social programs.With this much of the budget dedicated to continuing obligations, it means that Congress ________________.

Social Security is a contributory program.

The gross domestic product (GDP) is the market value of the goods and services produced in the economy.

Although it continues to be popular, the Social Security system is certain to face increasing demographic pressure over time as members of the Baby Boom generation continue retiring, because:

The Supplemental Nutrition Assistant Program (SNAP) , which replaced the federal food stamps of earlier times with debit cards that can be used to buy food, is an example of a program that offers __________ benefits to lower-income people.

What has the federal government done, over time, to promote higher education among Americans, and make a college or university education affordable to more of its people? What problems and financial reality does or would it face today in trying to meet that goal?

In the United States, the government adjusts the welfare system in cycles to be sure that the support given is uncomfortable enough that people will prefer working to retiring on the low income that they will get from welfare.

Whenever you deposit money into a checking or savings account at a traditional retail bank or other financial institution that advertises the fact that it is a Federal Deposit Insurance Corporation (FDIC) member-and most banks are, in order to remain competitive- you can be certain that:

The Federal Reserve can affect the total amount of credit available in the United States.