Module 20

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12th grade

macroeconomics

fiscal policy

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Zachary Foust

Estados Unidos

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Completar frases Module 20Versión en línea Fiscal Policy - Fill-in-the-Blank por Zachary Foust 1 fiscal Keynes excessively correct severity decade potential In the long - run , the economy will eventually trend back to output . Most macroeconomists believe that the process of self - correction typically takes a or more . John Maynard once declared , " In the long - run we are all dead . " Economists usually interpret Keynes as having recommended that governments not wait for the economy to itself . Many economists argue that the government should use policy to get the economy back to potential output in the aftermath of a shift of the aggregate demand curve . Stabilization policy is the use of government policy to reduce the of recessions and rein in strong expansions . 2 informed growth postive stability unemployment predictable offset later deficits A policy that maintains the economy at its original equilibrium is desirable because the temporary fall in aggregate output is associated with high . Price is generally regarded as a desirable goal , so preventing deflation is a good thing . Policymakers should not always act to declines in aggregate demand . Some policy measures to increase aggregate demand , especially those that increase budget , may have long - term costs in terms of lower long - run . In the real world , policymakers aren't perfectly , and the effects of their policies aren't perfectly . Policymakers also try to offset shocks to aggregate demand . Despite more output and lower unemployment , the short - run gains from an inflationary gap must be paid back . 3 inflation supply unemployment counteract In contrast to the case of a demand shock , there are no easy remedies for a shock . There are no government policies that can easily the changes in production costs that shift the short - run aggregate supply curve . If the government acts to increase aggregate demand and limit the rise in unemployment , it reduces the decline in output but causes even more . If the government acts to reduce aggregate demand , it curbs inflation but causes a further rise in . 4 taxes spend Modern governments a great deal of money and collect a lot in . 5 65 protect into purchases older Medicare federal personal transfers corporate Social Security out low Funds flow the government in the form of taxes and government borrowing . Funds flow of the government in the form of government purchases of goods and services and government transfers to households . In the United States , taxes are collected at the level , the state level , and the local level . At the federal level , the main taxes are income taxes on both income and profits as well as social insurance taxes . U . S . government spending takes the form of of goods and services and . Most U . S . government spending on transfer payments is accounted for by three big programs : , , and Medicaid . Social Security provides guaranteed income to Americans , disabled Americans , and the surviving spouses and dependent children of deceased beneficiaries . Medicare covers much of the cost of health care for Americans over age . Medicaid covers much of the cost of health care for Americans with incomes . The term social insurance is used to describe government programs that are intended to families against economic hardship . 6 directly shift investment consumer income income incentive GDP = C + I + G + ( X - M ) The government controls government purchases of goods and services ( G ) . Through changes in taxes and transfers , the government also influences spending ( C ) and , in some cases , spending ( I ) . Either an increase in taxes or a decrease in government transfers reduces disposable , leading to a fall in consumer spending . Either a decrease in taxes or an increase in government transfers increases disposable , leading to a rise in consumer spending . Changes in the rules that determine how much a business owes can increase or decrease the to spend on investment goods . Because the government itself is one source of spending in the economy , and because taxes and transfers can affect spending by consumers and firms , the government can use changes in taxes of government spending to the aggregate demand curve . 7 Contractionary reduces increases Expansionary Fiscal policy that aggregate demand is called expansionary fiscal policy . fiscal policy takes the form of an increase in government purchases of goods and services , a cut in taxes , or an increase in government transfers . Fiscal policy that aggregate demand is called contractionary fiscal policy . fiscal policy takes the form of a decrease in government purchases of goods and services , an increase in taxes , or a reduction in government transfers . 8 recovered plan stable time spend worse data Many economists caution against an extremely active stabilization policy , arguing that a government that tries too hard to stabilize the economy through fiscal policy can end up making the economy less . One key reason for caution is that there are important lags in the use of fiscal policy . It takes time to collect and analyze economic . It takes months to develop a spending . It takes time to money . Because of time lags , an attempt to increase spending to fight a recessionary gap may take so long to get going that the economy has already on its own . If a recessionary gap turns into an inflationary gap by the time a fiscal policy takes effect , the fiscal policy will make things instead of better .

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In the long - run , the economy will eventually trend back to output .

Most macroeconomists believe that the process of self - correction typically takes a or more .

John Maynard once declared , " In the long - run we are all dead . "

Economists usually interpret Keynes as having recommended that governments not wait for the economy to itself .

Many economists argue that the government should use policy to get the economy back to potential output in the aftermath of a shift of the aggregate demand curve .

Stabilization policy is the use of government policy to reduce the of recessions and rein in strong expansions .

informed growth postive stability unemployment predictable offset later deficits

A policy that maintains the economy at its original equilibrium is desirable because the temporary fall in aggregate output is associated with high .

Price is generally regarded as a desirable goal , so preventing deflation is a good thing .

Policymakers should not always act to declines in aggregate demand .

Some policy measures to increase aggregate demand , especially those that increase budget , may have long - term costs in terms of lower long - run .

In the real world , policymakers aren't perfectly , and the effects of their policies aren't perfectly .

Policymakers also try to offset shocks to aggregate demand .

Despite more output and lower unemployment , the short - run gains from an inflationary gap must be paid back .

inflation supply unemployment counteract

In contrast to the case of a demand shock , there are no easy remedies for a shock .

There are no government policies that can easily the changes in production costs that shift the short - run aggregate supply curve .

If the government acts to increase aggregate demand and limit the rise in unemployment , it reduces the decline in output but causes even more .

If the government acts to reduce aggregate demand , it curbs inflation but causes a further rise in .

taxes spend

Modern governments a great deal of money and collect a lot in .

65 protect into purchases older Medicare federal personal transfers corporate Social Security out low

Funds flow the government in the form of taxes and government borrowing .

Funds flow of the government in the form of government purchases of goods and services and government transfers to households .

In the United States , taxes are collected at the level , the state level , and the local level .

At the federal level , the main taxes are income taxes on both income and profits as well as social insurance taxes .

U . S . government spending takes the form of of goods and services and .

Most U . S . government spending on transfer payments is accounted for by three big programs : , , and Medicaid .

Social Security provides guaranteed income to Americans , disabled Americans , and the surviving spouses and dependent children of deceased beneficiaries .

Medicare covers much of the cost of health care for Americans over age .

Medicaid covers much of the cost of health care for Americans with incomes .

The term social insurance is used to describe government programs that are intended to families against economic hardship .

directly shift investment consumer income income incentive GDP

= C + I + G + ( X - M )

The government controls government purchases of goods and services ( G ) .

Through changes in taxes and transfers , the government also influences spending ( C ) and , in some cases , spending ( I ) .

Either an increase in taxes or a decrease in government transfers reduces disposable , leading to a fall in consumer spending .

Either a decrease in taxes or an increase in government transfers increases disposable , leading to a rise in consumer spending .

Changes in the rules that determine how much a business owes can increase or decrease the to spend on investment goods .

Because the government itself is one source of spending in the economy , and because taxes and transfers can affect spending by consumers and firms , the government can use changes in taxes of government spending to the aggregate demand curve .

Contractionary reduces increases Expansionary

Fiscal policy that aggregate demand is called expansionary fiscal policy .

fiscal policy takes the form of an increase in government purchases of goods and services , a cut in taxes , or an increase in government transfers .

Fiscal policy that aggregate demand is called contractionary fiscal policy .

fiscal policy takes the form of a decrease in government purchases of goods and services , an increase in taxes , or a reduction in government transfers .

recovered plan stable time spend worse data

Many economists caution against an extremely active stabilization policy , arguing that a government that tries too hard to stabilize the economy through fiscal policy can end up making the economy less .

One key reason for caution is that there are important lags in the use of fiscal policy .

It takes time to collect and analyze economic .

It takes months to develop a spending .

It takes time to money .

Because of time lags , an attempt to increase spending to fight a recessionary gap may take so long to get going that the economy has already on its own .

If a recessionary gap turns into an inflationary gap by the time a fiscal policy takes effect , the fiscal policy will make things instead of better .

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Module 20Versión en línea

por Zachary Foust

fiscal Keynes excessively correct severity decade potential

informed growth postive stability unemployment predictable offset later deficits

inflation supply unemployment counteract

taxes spend

65 protect into purchases older Medicare federal personal transfers corporate Social Security out low

directly shift investment consumer income income incentive GDP

Contractionary reduces increases Expansionary

recovered plan stable time spend worse data