Abeka Economics Quiz 13

What is a large, complex organization composed of appointed officials and their numerous agencies and departments called?

Bureaucracy

How will a decrease in government overspending affect the national debt?

By increasing the debt

What are three of the five harmful governmental practices discussed in the text?

Excessive taxation, excessive regulation, and excessive public expenditure

During the 1930's the United States was taken off the silver standard a measure that enabled the government to fund more public projects

Gold

What economic philosophy is based on the belief that a society's economic problems are best solved by "expert planners"

Keynesianism

What was the name of President Franklin Roosevelt's plan that was enacted in the midst of the Great Depression?

New Deal

What illegal operation uses money from new investors to pay old investors?

Ponzi scheme

Edmund Burke believed that the government should confine its activities to that which is "truly and properly private"

Public

What economic system is based upon collective ownership and control of national resources?

Socialism

The percentage of people employed by federal, state, and local governments has increased since the 1930's

True