Study Guide – Lesson 11 (Fiscal Policy)

Study Guide – Lesson 11 (Fiscal Policy) - Study Guide...

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Study Guide – Lesson 11 (Fiscal Policy) What are the tools that government uses to conduct fiscal policy? Spending, Taxation, Transfer Payments What is the difference between mandatory and discretionary spending? Mandatory – Law demands that these payments are made Discretionary – Any spending that is not demanded by law. What are the different kinds of taxes that can be assessed by government? Income, Payroll, Property, Sales, Tariffs and Excise What are the federal transfer payment programs? Social Security, Medicare, Unemployment and Welfare (TAFNF and Food Stamps) What is expansionary policy? When is it used? How does government use its tools to conduct this type of policy? What is the result of this type of policy (Y, U, P)? What is the risk of too much expansionary policy? Expansionary Policy – Used to stop economic recession and the economy back into expansion to get people back to work. Used – Output is contracting and unemployment is on the rise How used – Gov. spending money and/or reduces taxes
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