Humanities Homework Help

Chapter 3: Government, the Economy, and Economic Development

1. What is the economic policy of the federal, state, and local governments in the United States?
2. What are the main tools used to influence macroeconomic policy
3. What are the effects of deficits/surpluses on the U.S. economy?
4. What is the significance of Revenues = Expenditures?
5. What have been the responses of fiscal and monetary policy to the current pandemic in the United States and the USVI?

Define the following

Economic growth

• -Full employment
• -Stable prices
• -Balance in the flow of funds into and out of the economy
• -Fiscal policy
• -Monetary policy
• -President of the U.S
• -Governor of the USVI

Chapter 4: Budget Cycle

1. What are the four (4) phases of the budget cycle?
2. What is the role of the executive and legislative branches of government in each phase of the budget cycle?
3. Line-item veto power

Chapters 5 and 6: Budgeting for Revenues

1. What are the major revenue sources used by federal, state, and local governments in the United States and the USVI?
2. How do you determine whether a tax is progressive, proportional or regressive?
3. What factors are considered before a tax is enacted by a legislative body?
4. Discuss the revenue sources that are transaction-based? What do these revenue sources have in common?