I need some help with some Government questions:
1. All of the following are ways that formulating our budget has changed EXCEPT:
A. Budget and Accounting Act of 1921
B. transfer of Office of Management and Budget to the Executive Office of the President
C. Congressional Budget and Impoundment Control Act of 1974
D. Fiscal Policy Act of 1962.
**my answer is C
2. In the last 15 years, the debate over tax policy has been most influenced by which of the following policies?
A. Keynesianism
B. monetarism
C. industrial policy
D. fiscalism
**my answer is C
3. A period of high inflation and low economic growth in the early 1970s led to a debate over US tax policies and the development of the economic principle know as:
A. Keynesianism
B. monetarism
C. industrial policy
D. fiscalism
**my answer is B
Am I correct? Thank you
Let's go through each question one by one:
1. The correct answer is B. The transfer of the Office of Management and Budget to the Executive Office of the President is not a way that formulating our budget has changed. The other options - the Budget and Accounting Act of 1921, the Congressional Budget and Impoundment Control Act of 1974, and the Fiscal Policy Act of 1962 - are all significant changes to the budget process in the United States.
2. The correct answer is A. Keynesianism has had the most influence on the debate over tax policy in the last 15 years. Keynesian economics is an economic theory that focuses on the active role of government in managing the economy, typically through fiscal policy, which includes government spending and taxation.
3. The correct answer is A. The period of high inflation and low economic growth in the early 1970s led to a debate over US tax policies and the development of the economic principle known as Keynesianism. Keynesian economics, named after economist John Maynard Keynes, suggests that government intervention, particularly through fiscal policy, can help stimulate economic growth and stabilize the economy.
Based on your answers, your responses for questions 1, 2, and 3 are all incorrect. The correct answers are B, A, A respectively.
To determine the correct answers to these government questions, let's break down the options and explanations for each question:
1. All of the following are ways that formulating our budget has changed EXCEPT:
A. Budget and Accounting Act of 1921
B. transfer of Office of Management and Budget to the Executive Office of the President
C. Congressional Budget and Impoundment Control Act of 1974
D. Fiscal Policy Act of 1962.
To determine the correct answer, we need to eliminate the options that have changed the way budget formulation works. Let's analyze each option:
- Option A: The Budget and Accounting Act of 1921 established the principles of budgetary accounting and reporting in the United States. So, this option has brought a change in budget formulation.
- Option B: The transfer of the Office of Management and Budget (OMB) to the Executive Office of the President happened in 1939. It centralizes the budget functions within the President's immediate staff. So, this option has also brought a change in budget formulation.
- Option C: The Congressional Budget and Impoundment Control Act of 1974 established the Congressional Budget Office (CBO) and budget committees in Congress. This act brought significant changes in budget formulation processes, central to its establishment.
- Option D: The Fiscal Policy Act of 1962 doesn't exist. It seems to be a fictitious option.
Based on the analysis, it appears that the correct answer is D because it doesn't correspond to an actual policy or act related to budget formulation.
2. In the last 15 years, the debate over tax policy has been most influenced by which of the following policies?
A. Keynesianism
B. monetarism
C. industrial policy
D. fiscalism
To determine the correct answer, we need to consider the policy that has had the greatest influence on the tax policy debate in the last 15 years.
- Option A: Keynesianism is an economic theory that emphasizes the role of government spending and taxation policies to stabilize the economy. While Keynesianism does have relevance in tax policy debates, it may not be the most influential in recent years.
- Option B: Monetarism is an economic theory that focuses on controlling the money supply to stabilize the economy. While it may have some impact on tax policy, it is not specifically linked to tax policy debates.
- Option C: Industrial policy refers to government intervention and support for specific industries or sectors. While it may have some impact on tax policy discussions, it may not be the most influential.
- Option D: Fiscalism does not have a recognized definition or specific relevance to tax policy debates.
Based on the analysis, the correct answer is not clear. While all options may have some influence on tax policy debates, it's difficult to determine which one has had the most significant impact without additional context or evidence.
3. A period of high inflation and low economic growth in the early 1970s led to a debate over US tax policies and the development of the economic principle known as:
A. Keynesianism
B. monetarism
C. industrial policy
D. fiscalism
To determine the correct answer, let's consider the effects of high inflation and low economic growth in the early 1970s and its impact on US tax policies.
- Option A: Keynesianism emphasizes using government spending and taxation policies to stabilize the economy. While it may have relevance in this context, it is not specifically developed as a result of the mentioned period.
- Option B: Monetarism focuses on controlling the money supply to stabilize the economy. While it may be related to combating high inflation, it is not specifically developed as a result of this period.
- Option C: Industrial policy refers to government intervention and support for specific industries or sectors, which does not directly relate to the mentioned economic conditions.
- Option D: Fiscalism is not a recognized economic principle.
Based on the analysis, the most plausible answer would be A. Keynesianism. The period of high inflation and low economic growth in the early 1970s prompted debates over US tax policies, and Keynesian principles often come into play during such discussions.
Please note that the answers provided here are based on the information provided and general knowledge. It's always advisable to refer to reliable sources or consult experts for more accurate and specific information regarding government-related questions.