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