Macro Chapter 16
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| fiscal policy | the use of government's budget tools, government spending, and taxes to influence the macroeconomy
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| expansionary fiscal policy | an increase in government spending or decrease in taxes to stimulate the economy toward expansion
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| contractionary fiscal policy | a decrease in government spending or increase in taxes to slow economic expansion
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| countercyclical fiscal policy | fiscal policy that seeks to counteract business cycle fluctuations
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| marginal propensity to consume (MPC) | the portion of additional income that is spent on consumption
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| spending multiplier | a number that tells us the total impact on spending from an initial change of a given amount
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| automatic stabilizers | government programs that automatically implement countercyclical fiscal policy in response to economic conditions
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| crowding-out | phenomenon occurring when private spending falls in response to increases in government spending
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| new classical critique | the assertion that increases in government spending and decreases in taxes are largely offset by increases in savings
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| supply-side fiscal policy | policy that involves the use of government spending and taxes to affect the production (supply) side of the economy
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| Laffer curve | an illustration of the relationship between tax rates and tax revenue
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