The government’s role in laissez-faire

The government’s role in laissez-faire is to ensure that there is no rip off from sellers and consumers are protected. It provides an essential foundation for all entrepreneurs to gain economic growth (Shaanan, 2017). and ensures that nobody is favored. From the 1930s, the federal government of the U.S must fund public projects. Besides, it controlled economic activities and encouraged expanding the economy through projects. A regressive tax is an equal tax cut across all classes in a country, while progressive tax is taxing citizens based on their wage income. The higher the income, the higher the tax (Varela, P. 2016), and the lower the income, the lower the tax can best describe progressive tax.

Question 2

Mandatory spending is spending that the U.S government is obliged to do (Grechyna, 2017) as ordered by the law. On the other hand, discretionary spending is a type of government expenditure on relevant and suitable issues.

Question 3

The social safety net is a state of implying non-assistant measures to assist the underprivileged in the country (Levy, 2017). The distributive policy suggests extending a hand to offer products and services to individuals of an entrepreneur affiliation and then splitting the cost between the members of that affiliation. The redistributive policy is a type that is advantageous to the less privileged by taxing the wealthy highly and, in turn, benefiting others in society.

Question 4

The two presidencies state that there are two presidents in a nation, and one runs the foreign policies while the other runs the domestic ones. One side cannot take precedence (Cash, 2018) because both share powers and work concurrently to serve the nation.

Question 5

Fiscal policy is when an authoritative entity in a nation expands the usage of funds and its tax rates to supervise (Jordà, 2016) to improve the country’s economy. On the other hand, monetary policy is that which is made by the government to control interest rates that are paid in a short period and are used to enhance economic stability with a stable currency. Charge of the Federal Reserve Board is to keep the federal banks under checks and balances and enforce the monetary policy in America.

Question 6

The two social welfare programs are social insurance and public assistance. Social insurance is dependent on the wages of the citizen and how the payments help society. Federal aid can be described as the financial aid of a member of the community. What constitutes entitlement programs are steps that are set by the governing body made by the law that needs payments to take place to any individual or a department in the government and are qualified as required by the law.

Question 7

Isolationism is a law that means not being subjected to the ideologies and the affairs of other institutions, nations, and governments (Moyn, 2017). Liberal internationalism is an ideology that allows countries to socialize to achieve an objective. Neo isolationism gives the military to represent the state to other nations and does not involve itself in politics but prioritizes the security of the country. Selective engagement implies that America intervenes in parts of the world that they see fit to engage.

Question 8

The U.S foreign policy is shared between the President and the Congress (Rosecrance, 2019). The laws governing the land allow the President to select a Secretary of State with the legislative body’s approval. The Secretary of State is the primary advisor to the President when it comes to foreign relations.

Question 9

The balance of power is when a state ensures that another country has a limited military and weaponry personnel so that it cannot be more potent than other states and dominate other armies (Houghton, 2020). The causes of an imbalance can be selfishness over the public domain, favoring other people in a society depending on their social affiliations, unfair distribution of governance and revenue among members of the community, and improper balance of new democratic governance through elections. Balance of trade is the distinction between the monetary value of an economy’s exports (Houghton, 2020) and imports over a specific time frame. An imbalance can occur, especially when the commodities are less than the imports during a specified time.