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9 Cards in this Set
- Front
- Back
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Deliberate changes in government spending and tax collections designed to achieve full employment, control inflation, and encourage economic growth
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Fiscal policy
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Changes in government spending and taxes that are at the option of the Federal Government
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Discretionary Fiscal Policy
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Changes in fiscal policy that occur without congressional action.
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Automatic Fiscal Policy
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Government spending up and/or taxes down
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Expansionary fiscal policy
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Government spending down and or taxes up
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Contractionary fiscal policy
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The time between the beginning of recession or inflation and the certain awareness that it is actually happening
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Recognition lag
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The lag between the time the need for fiscal action is recognized and the time action is taken.
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Administrative lag
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The lag between the time fiscal action is taken and the time that action affects output, employment, or the price level.
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Operational lag
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Expansionary fiscal policy may increase interest rate and reduce investment spending, thereby weakening or canceling the stimulus of the expansionary policy
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Crowding-out effect
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