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econ test 2 chapters

QuestionAnswer
income transfers payments to people, without exchange of goods or services. ex- social security checks being mailed
fiscal policy the use of gov taxes and spending to alter macroeconomic outcomes
fiscal policy determinants international market forces, external shocks, and policy tools
fiscal policy outcomes output, jobs, prices, growth, international balances
recessionary GDP gap the amount that equilibrium GDP is short of full employment GDP
Keynesian strategy out of recession is reduce taxes, increase it's purchasing
what is a fiscal stimulus tax cuts or spending hikes to increase aggregate demand
the three fiscal policies to stimulate the economy is taxes, investments, tax cuts, and increased transfers
fiscal restraint reduce aggregate demand. which include reduced transfers, tax hikes, and budget cuts
AD excess the amount by which aggregate demand must be reduced to get full employment gdp
time lag waiting for the many steps in the multiplier to unfold
fiscal year The 12-month period used for accounting purposes; begins October 1 for the federal government.
crowding out A reduction in borrowing and spending from increased gov borrowing
crowding in when the gov takes in more revenue than it spends
national debt debt of fed gov
Treasury bonds basically IOUS issued by the US Treasury
Liablility obligation to pay off debt/ make payments
external debt US gov debt held by foreign households and institutions
deficit ceilings legislated limitation on the size of the budget deficit
Debt ceilings legislated limit on the amount of outstanding national debt.
Created by: alexisda
 

 



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