History Quiz / American Government CH. 14

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

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

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