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10 Cards in this Set

  • Front
  • Back
Social Insurance
programs and government programs intended to protect families against economic hardship
Expansionary Fiscal Policy
increases aggregate demand
Contractionary Fiscal Policy
reduces aggregate demand
Discretionary Fiscal Policy
a fiscal policy that is the result of deliberate actions by policy makers rather than rules
Cyclically Adjusted Budget Balance
an estimate of what the budget blance would be if real GDP were exactly equal to potential output
Fiscal Years
run from October 1 to September 30 and are named by the calendar year in which they end
Public Debt
governemnt debt held by individuals and institutions outside the government
Debt-GDP Ratio
government debt as a percentage of GDP
Implicit Liabilities
spending promisies made by governments that are effectively a debt despite the fact that they are not included in the usual debt statistics
Automatic Fiscal Policy
no action taken by congress