Govern-business relations are largely defined by the: correct answers complementary, cooperative, and conflicting roles
The US model of government-business relations has shown a great deal of government intervention in private production of goods and services, the heavy use of government strateg...
PA 315 Exam #1 || with 100% Verified Solutions.
Govern-business relations are largely defined by the: correct answers complementary,
cooperative, and conflicting roles
The US model of government-business relations has shown a great deal of government
intervention in private production of goods and services, the heavy use of government strategies,
and very little regulatory intervention correct answers False (The US Model has shown minimal
government intervention)
Summarizing common opinion among scholars such as Roger Porter, government-business
relations in the U.S. has shown a pattern of correct answers remarkable stability with respect to
the economic, legal, and institutional framework
At the same time the Civil War was going on, Adam Smith published his landmark work, The
Wealth of Nations, which laid the foundation of classical economics correct answers False (same
year continental congress declared independence, 1776)
A mercantilist approach, which advocated an active role of government, was strongly advanced
in the early republic by: correct answers Alexander Hamilton
Proponents of neoliberalism (free market approach) include: correct answers Adam Smith,
Milton Friedman, and Republicans generally
Because of the extent and severity of the global financial crisis of 2008, President George W.
Bush responded in ways reflecting Keynesian theoretical underpinnings. correct answers True
In the ideal, correct answers (Both) Keynesian economics promotes economic stabilization via
countercyclical actions- government saving in good times and spending in bad times AND
supply-side economics encourages economic expansion, which lessens the relative value of debt
Currently, the percentage of the workforce in the U.S. that is employed by government (at all
levels) is approximate: correct answers 14%
Since the end of World War II, the greatest workforce growth has been in the federal
government, followed by state government, with the least at the local government level. correct
answers False
Government (all U.S.) has grown from approximately 23% of the economy in 1950 to currently
(2012) being about: correct answers 34%
The gross federal debt is currently what approximate percentage of the GDP? correct answers
over 100%
High levels of government spending and the addition of government debt helped cause the Great
Depression. correct answers True
, What are the periods of greatest national debt (proportionate to the GDP), related specifically to
periods of war? correct answers World War II and Iraq-Afghan War
Which of the following are generally thought to put pressure on society for the growth of
government? correct answers Wars, Special Interests seeking special assistance, and the
complexity of society (All of the Above)
Because there are essentially no limits on government growth, government expansion is nearly
unstoppable in modern societies. correct answers False
The two oldest roles of government, according to the text, are transportation and education.
correct answers False (Defense and Public Safety)
In colonial times all night watchmen were staffed by volunteers. correct answers False (Property
owners took turns at assigned posts)
When governments provide public education, the text calls that role: correct answers Social
Architect
One of the areas which is commonly thought of as a strength (dubbed 'the good") of government
is: correct answers Providing Economic Stability
Oliver Wendell Holmes famously quipped about taxes: "What is the difference between a
taxidermist and a tax collector? The taxidermist takes only your skin." correct answers False
(Mark Twain said that, Holmes said, "I like to pay taxes. With them I buy civilization.")
When government is given nearly impossible tasks, or is widely attacked on arguments not based
on facts, in the text it is called "the ugly." Which of the following was one of the examples used?
correct answers Prisons
Although the promotion of business interests is a substantial role, the text does not place it in the
top three most important roles. correct answers True
Private sector reform comes solely through the dynamics of the market. correct answers False
Market forces are not as significant for government as they are for the private sector, but are
nonetheless significant. correct answers True
Deregulation of the savings and loan industry in the 1980s is an example of a highly successful
reform initiative sponsored by government. correct answers False
Pressures for government reform come from: correct answers Competitive forces such as for
high quality workers
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