Fiscal policy used to decrease aggregate demand or supply. Deliberate measures to decrease government expenditures, increase taxes, or both. Appropriate during periods of inflation.
  • Expansionary Fiscal Policy
  • Contractionary Fiscal Policy
  • Progressive Tax System
  • Proportional Tax System
a situation in which the government takes in more than it spends
  • Balanced Budget
  • Budget Deficit
  • Contractionary Fiscal Policy
  • Budget Surplus
The average tax rate remains constant as GDP rises.
  • Proportional Tax
  • Regressive
  • Proportional Tax System
  • Progressive Tax System
a tax whose average tax rate increases as the taxpayer's income increases and decreases as the tax payer's income decreases
  • Proportional Tax System
  • Military Spending
  • Contractionary Fiscal Policy
  • Progressive Tax System
A mechanism that increases government's budget deficit (or reduces its surplus) during a recession and increases government's budget surplus (or reduces its deficit) during inflation without any action by policymakers. The tax system is one such mechanism. Ex) Government spending is a built-in stabilizer
  • Crowding-out Effect
  • Net Export Effect
  • Built-In Stabilizer
  • Interest-rate Effect
An increase in government purchases of goods and services, a decrease in net taxes, or some combination of the two for the purpose of increasing aggregate demand and expanding real output
  • Budget Surplus
  • Political Business Cycle
  • Expansionary Fiscal Policy
  • Progressive Tax System
A three-member body appointed by the president to advise the president on economic policy.
  • Contractionary Fiscal Policy
  • Board of Governors
  • Crowding-out Effect
  • Council of Economic Advisers
law that assigned to the federal government the responsibility for promoting full employment and price stability
  • Crowding-Out Effect
  • Employment Act of 1946
  • Full-employment Budget
  • Interest-Rate Effect
marginal tax rate decreases as level of income increases
  • Expansionary Fiscal Policy
  • Regressive Tax System
  • Regressive
  • Proportional Tax System
The tendency for increases in the price level to lower the real value (or purchasing power) of financial assets with fixed money value and, as a result, to reduce total spending and real output, and conversely for decreases in the price level.
  • Net Export Effect
  • Crowding-Out Effect
  • Interest-Rate Effect
  • Real-Balance Effect
effect that decreases price level has on investment expenditures through the effect that a chance in price level has on interest rates
  • Interest-Rate Effect
  • Crowding-out Effect
  • Real Balance Effect
  • Net Export Effect
when the government spends more money than it collects in taxes
  • Cyclical Deficit
  • Budget Surplus
  • Budget Deficit
  • Fiscal Policy
Attempts by elected officials to manipulate the economy, increasing economic growth and reducing unemployment and inflation around election time, with the goal of improving evaluations of their performance in office.
  • Expansionary Fiscal Policy
  • Political Business Cycle
  • Progressive Tax System
  • Proportional Tax System
Each container that enters the U.S. aboard a ship from another country is subject to a?
  • Gambling, Cigerettes, Alcohol, and Gasoline.
  • It is harder to collect.
  • Tariff
  • Income taxes, Tariff Taxes, Occupational Taxes, Excise Taxes, Corporate Taxes.
When might workers be exempt from paying income taxes?
  • When they don't make enough money.
  • An expenditure.
  • Gambling, Cigerettes, Alcohol, and Gasoline.
  • When the government spends money or makes a payment, it is called an?
Expenditure
  • When the government spends money or makes a payment, it is called an?
  • Gambling, Cigerettes, Alcohol, and Gasoline.
  • Income taxes, Tariff Taxes, Occupational Taxes, Excise Taxes, Corporate Taxes.
  • When they don't make enough money.
What is a difference between payroll and income taxes?
  • Payroll taxes are itemized deductions from an individual's paycheck. Income taxes are based on an individual's salary.
  • Gambling, Cigerettes, Alcohol, and Gasoline.
  • Income taxes, Tariff Taxes, Occupational Taxes, Excise Taxes, Corporate Taxes.
  • When they don't make enough money.
What are some examples of excise taxes imposed by the government? Check all that apply.
  • Income taxes, Tariff Taxes, Occupational Taxes, Excise Taxes, Corporate Taxes.
  • It is harder to collect.
  • Gambling, Cigerettes, Alcohol, and Gasoline.
  • When they don't make enough money.
Money spent on government programs is referred to as?
  • An expenditure.
  • Tariff
  • It is harder to collect.
  • When they don't make enough money.
What gives Congress the power to raise taxes to fund services?
  • When they don't make enough money.
  • An expenditure.
  • The Constitution.
  • It is harder to collect.
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