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Ch 15 Fiscal Policy Flashcards | StudBud
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Ch 15 Fiscal Policy
What is the OMB?
What is a budget surplus?
Ch 15 Fiscal Policy
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StudBud Administration
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#econ #fiscalpolicy
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Questions
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Answers
1
What is a budget surplus?
When the gov spending and revenues are equal
When the gov sells bonds to make money
When the gov spends more money than it takes in
When the gov takes in more money than it spends
2
What is the OMB?
The Office of Management and Budget
The Organization of Money and Bills
The Organization of Management and Budget
The Office of Munchies and Budget
3
What is the multiplier effect?
Gov revenues will be multiplied by the number of exports
The idea that for every dollar the gov spends creates more $
Gov revenues will multiply each year
Gov revenues will be multiplied by the number of imports
4
What is the national debt?
All the money the gov owes to China
All the money the gov owes to
All the money the gov owes to bondholders
All the money the gov owes to stockholders
5
What is the crowding-out effect?
When the federal gov makes it easier to spend money
When the federal gov raises interest rates
When the fed gov cuts taxes
When the federal gov makes it harder for private businesses
6
What is fiscal policy?
Refers to interest rates
The financial policy of the U.S. government
Refers to spending and taxing
Refers to the money supply
7
What is a fiscal year?
A 12 month period that can begin on any date
A 12 month plan for being bored
A 12 month plan from Oct 1 to Sept 30
A 12 month plan for the federal govt
8
What is the federal budget?
A plan for the federal govts deficit and debt spending
A plan to reduce the federal debt in the coming year
A plan for the states discretionary and mandatory spending
A plan for the federal govts revenue and spending for the yr
9
What is Keynesian economics?
Also known as supply-side economics
Also known as the Laffer curve
Also known as demand-side economics
Also known as the Lorenz curve
10
What are the tools of expansionary policy?
Increasing tax rates and decreasing spending
Lowering tax rates and decreasing spending
Increasing tax rates and spending
Lowering tax rates and increasing spending
11
What are the tools of contractionary policy
Decrease spending and increase taxes
Increase spending and decrease taxes
Increase spending and taxes
Decrease spending and taxes
12
What is classical economics?
The idea that free markets need budget cuts
The idea that free markets will regulate themselves
The idea that free markets need deficit spending
The idea that free markets need tax cuts
13
What is a budget deficit?
When the gov spends more money than it takes in
When the gov sells Treasury bonds to pay bills
When the gov spends less money than it takes in
When the gov uses Keynesian approach to the budget
14
What's the difference between deficit and debt?
There is no difference
The deficit is for states while the debt is for the fed gov
The debt is year-to-year while the deficit is not
The debt represents all money owed, the deficit is yearly
15
What is hyperinflation?
Runaway inflation
Uber inflation
Inflation you can't calm down or reason with
Very high inflation
16
What is Reaganomics?
Also known as demand-side economics
Also known as supply-side economics
Also known as the Lorenz curve
Also known as the Laffer curve
