econ ch 15
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| fiscal policy | the use of government spending and revenue collection to influence the economy
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| federal budget | a plan for the federal government’s revenues and spending for the coming year
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| fiscal year | a twelve-month period that can begin on any date
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| office of management and budget | government office that manages the federal budget
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| congressional budget office | government agency that provides economic data to Congress
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| appropriations bill | a bill that sets money aside for specific spending
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| expansionary policies | fiscal policies, like higher spending and tax cuts, that encourage economic growth
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| classic economics | the idea that free markets can regulate themselves
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| productive capacity | the maximum output that an economy can produce without big increases in inflation
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| demand-side economics | the idea that government spending and tax cuts help an economy by raising demand
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| keynesian economics | a form of demand-side economics that encourages government action to increase or decrease demand and output
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| multiplier effect | the idea that every one dollar of government spending creates more than one dollar in economic activity
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| supply-side economics | a school of economics that believes tax cuts can help an economy by raising supply
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| council of economic advisers | a group of three respected economists that advise the President on economic policy
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| balanced budget | a budget in which revenues are equal to spending
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| budget surplus | a situation in which the government takes in more than it spends
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| budget deficit | a situation in which the government spends more than it takes in
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| hyperinflation | very high inflation
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| treasury bill | a government bond that is repaid within three months to a year
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| treasury note | a government bond that is repaid within two to ten years
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| treasury bond | a government bond that can be issued for as long as 30 years
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| crowding-out effect | the loss of funds for private investment due to government borrowing
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| national debt | all the money the federal government owes to bondholders
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| contractionary policies | fiscal policies, like lower spending and higher taxes, that reduce economic growth
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