Ch 18 economic policy homework Ap government 1. Explain the economic, substantive, and political reasons for the national debt. 1. Show how voters have contradictory attitudes regarding their own and others’ economic circumstances. 2. List and briefly explain four competing economic theories. Assess the nature and impact of Reaganomics. 3. List the four major executive-branch agencies involved in setting economic policy and explain the role of each. 4. Analyze federal fiscal policy in terms of the text’s four categories of policymaking politics. 5. Trace the history of federal government budgeting practices. Part II Vocabulary 10 points Vocabulary Budget budget surplus deficit discretionary spending economic planning entitlement fiscal policy Globalization gross domestic product Keynesianism loopholes monetarism monetary policy national debt planning price and wage control Treasury Department sequester self-regarding voter theory supply-side theory 7. Why is the president held accountable for the economy? Remember that Congress plays an important role in setting fiscal policy and that the Federal Reserve Board is largely independent in setting monetary policy. 8. Do voters base their support of economic policy on what is best for them personally or what is best for the nation as a whole? Is it possible for politicians to convince voters to pay more taxes for the good of the nation? Or do they have to offset the tax increase with some corresponding benefit (such as increased financial aid for college students)?