Government Involvement in the Economy and Functions of Government

Flashcards covering the key concepts of government involvement in the economy, including taxation, government functions, and federal spending.

What are the three levels of taxation government operates on?

Local, state, and federal.

How many government workers were there in 1929 compared to today?

3 million in 1929 and 20 million today.

What is the role of the Food and Drug Administration?

To protect consumers by regulating food and drug safety.

What is one way the government promotes competition?

By limiting monopolies.

What are labor laws designed to do?

To supervise labor and management relations, including child labor, work hours, and safety.

What negative by-products does the government regulate?

Pollution from manufacturing and nuclear waste.

What was total federal spending in 2015?

$3.9 trillion.

How much was spent on Social Security, Unemployment, & Labor in 2015?

$1.33 trillion.

What percentage of the total federal budget in 2015 did Medicare and Health receive?

26.6%.

What function does the government serve as the economy's #1 employer?

It conducts spending and consumption activities that influence economic performance.