AP Gov. @ PHS - unit 5 chapter 19
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| fiscal policy | gov. policy that attempts to manage the economy by controlling taxing and spending
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| monetary policy | gov. policy that attempts to manage the economy by controlling the money supply and interest rates
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| tariff | tax on imports to protect industries, labor, and farmers from foreign competition/raise revenue
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| excise tax | consumer tax on a specific kind of merchandise
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| progressive tax | people with higher incomes pay a larger fraction of their income than people with lower incomes
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| regressive tax | people with lower incomes pay a higher fraction of their income than people with higher incomes
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| deficit | difference between revenues raised annually and the amount spent including paying the interest on past borrowing
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| debt | accumulated total of federal deficits, minus surpluses, over the years
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| GDP | gross domestic product: estimate of total output of all economic activity in the nation, icluding goods and services
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| OMB | Office of Management and Budget: Presidential staff agency that serves a a clearing house for budgetary requests and management improvements
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| sales tax | general tax on sale transactions (sometimes exempts food and drugs)
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| CBO | agency of congress that analyzes residential budget recommendations and estimates the cost of proposed legislation
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| tax expenditures | loss of tax revenue due to federal tax laws that provide special tax incentives or benefits to individuals or businesses
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| GAO | General Accounting Office: independent investigative arm of Congress that checks on reciept and disbursement of public funds and reviews the performance of gov. agencies
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| laissez-faire economics | theory that opposes gov. interference in the economy beyond what is necessary to protect life and property
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| keynesian economics | theory that gov. spending should increase during business slumps and be curbed during booms
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| trade deficit | imbalance in international trade in which the value of imports exceeds the value of exports
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| WTO | World Trade Organization: international org. derived from GATT; promotes free trade around the world
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| GATT | General Agreement on Tariffs and Trade: international trade org. that seeks to encourage free trade by lowering tariffs and other trade restictions
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| NAFTA | North American Free Trade Agreement: agreement between US, Canada, and Mexico to form largest free trade zone in the world
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| protectionism | policy of creating trade barriers to protect domestic industry
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| independent regulatory agency | gov. agency responsible for enforcing particular statutes; exits outside the three branches of gov.
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| deregulation | policy that promotes cutbacks in amount of federal gov. by returning many functions to the states
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