History Quiz / American Government CH. 14

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How does the U.S. Government Work? #14?

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Economic decision making should be entirely up to political authority
the total amount of money a nation owes to another country or bank
What does CBO mean?
Step two in budget making process
economic issues tend to rotate around what major issue in US politics?
an excess of government expense over revenue
a period of serious and sustained economic decline
Gov decisions about taxing and spending that affect the economic life of a nation
What are Social Security and Medicaid?
agency in executive office that provides president with budgetary info and advice and is responsible for compiling preident's annual budget proposal to Congress
What does OMB stand for?
belief that government should protect US business and industry by restricting the flow of foreign goods into the US
a short period of economic decline
economics focusing on how much is produced in the economy
The idea that government should leave the economy alone
Gov programs in which spending automatically increases from one year to the next without specific annual appropriations action by Congress
decisions a government makes that affect production, distribution, provision, consumption, and other aspects of living
Governors, but not the president, are allowed to reject some parts of a bill without rejecting it entirely
Step one in budget making process
Step three in budget making process
A policy that focuses on money
Milton Friedman is a ?
belief that US's economic interests are best served by allowing foreign producers to sell their goods without restriction in US
Social entitlements are legal according to?
an excess of Gov revenues over Gov expenses
12 month period between Oct 1 and Sept 30 of the following calendar year
congressional enactment that funds an authorized program with a specific sum of money
Gov decisions on how much money should circulate in the economy
economics policy focusing on the dependence of overall supply and demand in an economy
legistlation in 1974 that allowed the creation of budget committees, timetables, and limits on presidential impoundments
congressional enactment that creates or continues a policy program and the agency administering it

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