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10 Cards in this Set
- Front
- Back
Social insurance:
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programs are government programs intended to protect families against economic hardship
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Expansionary fiscal policy:
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increases aggregate demand
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Concretionary fiscal policy:
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reduces aggregate demand
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Automatic stabilizers:
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government spending and taxation rules that cause fiscal policy to be expansionary when the economy contracts and contractionary when the economy expands
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Discretionary fiscal policy:
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policy that is the result of deliberate actions by poly makers rather than rules
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Clinically adjusted budget balance:
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an estimate of what the budget balance would be if real GDP were exactly equal to potential output
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Fiscal years:
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run from October 1 t September 30 and are named by the calendar year in which they end
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Public debt:
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government debt held by individuals and institution outside the government
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Debt-GDP ratio:
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government debt as a percentage of GDP
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Implicit liabilities:
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spending promises made by governments that are effectively a debt despite the fact that they are not include d in the usual debt statistics
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