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20 Cards in this Set

  • Front
  • Back
A bill that sets money aside for specific spending is called an __.
APPROPRIATIONS BILL
A plan for federal revenue and spending for the coming year is called the
FEDERAL BUDGET
A school of economics that believes tax cuts can help an economy by raising supply is called
SUPPLY-SIDE ECONOMICS
Demand-side economics that encourages government action within the economy is part of __.
KEYNESIAN ECONOMICS
Every dollar of government spending creates more than one dollar of economic activity. This is called the
MULTIPLIER EFFECT
Government spends more than it takes in. The budget is in
DEFICIT
Higher spending and tax cuts are part of which type of fiscal policy
EXPANSIONARY
If revenues are equal to expenditures, you have a
BALANCED BUDGET
Maximum output that can be sustained over a period of time is referred to as
PRODUCTIVE CAPACITY
Tax increases and lower spending are part of which type of fiscal policy?
CONTRACTIONARY
The budget year that runs from October 1 through September 30 is called the __.
FISCAL YEAR
The executive branch special unit in charge of preparing the federal budget is the _
OMB
The idea that free markets can regulate themselves is part of what school of thought
CLASSICAL ECONOMICS
The independent agency responsible for providing economic data to members of the House and Senate is the
CBO
The loss of funds for private investment due to government borrowing is called the __.
CROWDING-OUT EFFECT
The total amount of money the US government owes to bondholders is called the
NATIONAL DEBT
The US government borrows money to cover the deficit by issuing
BONDS
The use of government spending and revenue collection to influence the economy is called __.
FISCAL POLICY
When revenue is greater than expenditure, the budget is in
SURPLUS
Name the two types of fiscal policy.
EXPANSIONARY, CONTRACTIONARY