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1. Describe a government’s role in laissez-faire economics and describe the U.S. government’s role in the economy from the 1930s on. What is the difference between regressive and progressive taxes?
2. The U.S. government promoted regulation during and after the Great Depression. That role continued until the late 1970s when inflation began to hurt the economy. Explain mandatory spending and discretionary spending.
3. Explain the social safety net. Explain the distributive policy and the redistributive policy.
4. Explain the two presidencies thesis. Can one side take precedence?
5. In order to ensure a stable and growing economy, the government employs fiscal policy and monetary policy. Define fiscal policy and monetary policy. What is the charge of the Federal Reserve Board?
6. List and describe the two major social welfare programs. What constitutes an entitlement program?
7. The United States’ interaction with the rest of the world has dramatically changed over time. The overall policy started as isolationism and ultimately changed to liberal internationalism. Provide a brief description of the two policies. What is neo-isolationism and selective engagement?
8. Discuss the shared power idea associated with U.S. foreign policy.
9. Discuss the balance of power. What may cause an imbalance? What is the balance of trade? Can an imbalance occur?
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