Economics Chapter 15 Vocabulary

hyperinflation

Rapid, very large price increases constitute _______.

budget deficit

When expenditures exceed revenues, the government runs a_____.

balanced

When revenue equal expenditures, the government budget is____.

budget surplus

When revenues exceed expenditures, the government has a _______.

fiscal policy

___ is the government's use of taxing and spending to stabilize the economy

Keynesian

______ economics promotes the use of fiscal policy to help the economy.

expansionary

______ policies try to increase output.

contractionary

________ policies try to decrease output.

multiplier

According to the______ effect, every dollar change in fiscal policy creates a greater than one dollar change in the national income.

bond

A Treasury _____ may be a 30-year commitment

savings bond

A United States ________ is a small investment in the government.

automatic

Because taxes and transfer payments do not have to be changed to help regulate the economy, they are called _____ stabilizers.

classical economics

Belief in the market's own ability to reach equilibrium is part of ______.

federal budget

Government's written plan for receipts and expenditures makes up the______

fiscal year

The government's_______ is a twelve-month budgeted period.

CBO

The shirt name for the office that feeds Congress economic data is ______.

bill

The shortest-term government investment is a Treasury ______.

national debt

The total amount the federal government owes adds up to the_____