05 Jan (TCO 7) Investigate what

Question 1

3 / 3 pts

(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

3 / 3 pts

(TCO 7) How do Keynesian economic policies differ from the traditional laissez-faire policies developed by Adam Smith?

Laissez-faire policies advocate for “cutthroat” capitalism, and Keynesian policies seek to spread wealth equally among a nation’s citizens.

Keynesian economics advocates for increased government control of economics, and traditional laissez-faire argues for a hands-free approach.

Smithian policies advocate for increased spending and stimuli for government-run businesses, and Keynesian economics argues for a hands-free approach.

The more liberal Smithian economies distribute wealth more evenly among society, and Keynesian economics tends to distribute wealth among the top 1%.

Question 3

3 / 3 pts

(TCO 7) During the 1970s, critics developed this new term to describe inflation with stagnant economic growth.

Growth Slope

Quagmire

Stagflation

Recession

Question 4

3 / 3 pts

(TCO 7) Between 1965 and 1973, the percentage of Americans living below the poverty line _____.

doubled

greatly decreased

slightly increased

rapidly increased

Question 5

3 / 3 pts

(TCO 7) The _____ administration simplified the Food Stamp program by eliminating the provision that recipients buy the stamps at a discount with their own money.

Kennedy

Johnson

Ford

Carter

Question 6

3 / 3 pts

(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

3 / 3 pts

(TCO 7) Many Americans think the federal budget goes primarily toward welfare, which is _____.

absolutely true

somewhat exaggerated

not at all the case

slightly offensive

Question 8

3 / 3 pts

(TCO 7) How does the American welfare state compare to those of other industrialized nations?

Much less is allocated to welfare in the United States.

Other nations allocate less to welfare than the United States.

The United States allocates about the same to welfare.

Few nations besides the United States maintain funds for welfare.

Question 9

3 / 3 pts

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

$14,505

$17,060

$23,050

$26,750

Question 10

3 / 3 pts

(TCO 7) Investigate what historically happens to conservatives when firms are supposedly “too big to fail.”

Conservatives argue for expensive bail-out packages.

Most conservatives suggest letting the free market run its course.

Most argue against expensive stimulus packages.

They switch parties.