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Ch24 - W09 - Introduction to Macroeconomics AS/ECON1010 3.0...

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Introduction to Macroeconomics AS/ECON1010 3.0 Section R– W09 Professor: Art Noordeh, PhD Web site: www.noordeh.pageout.net
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Teaching Assistants ROOM: 1098 VH Negar Razavilar Office hrs: M W; 10 – 1 pm Email: [email protected] 1. Lulu Lou Office hrs: T R; 12 – 1 & 2:30 – 4:00 Email: lululou @econ.yorku.ca
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Course Evaluation Midterm Exam (40%): Tue. April 7 (in class) Assignment (20%): Due May 21 @11:45 pm Final Exam (40%): May 22 – June 2
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Online Assignment Web site: WWW.APLIA.COM Fee: Approx. $35 Course Key: V7PK-7UBN-RSLF Grace period: Till March 31 , 09
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Other Important Dates April 22: Last date to drop the course without receiving a grade May 21: Last day of Winter Classes
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Reading/Homework for Weeks of April 5 & 12, 09 Reading: Text – Chs. 24 & 25 Practice Exercises: Practice Exercises: All review Quizzes & All review Quizzes & Odd-numbered problems Odd-numbered problems Study Guide: Chs. 24 & 25 Key Concepts & all Multiple Choice Key Concepts & all Multiple Choice questions questions Aplia: Aplia: Practice questions/problems Practice questions/problems
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Chapter 24 Fiscal Policy
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Objectives Describe how federal and provincial budgets are created Distinguish between automatic and discretionary fiscal policy Define and explain the fiscal policy multipliers Explain the effects of fiscal policy in both the short run and the long run Distinguish between and explain the demand-side and supply-side effects of fiscal policy
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Government Budgets The federal budget is the annual statement of the federal government’s expenditures and tax revenues. A provincial budget is the annual statement of a provincial government’s expenditures and tax revenues. Fiscal policy is the use of the federal budget to achieve macroeconomic objectives, such as full employment, sustained long-term economic growth, and price level stability.
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Government Budgets Budget Making The federal government and Parliament make fiscal policy. The budget process begins with long drawn- out meetings between the Minister of Finance, Department of Finance officials, provincial government, business, labour, and consumer groups. A budget plan is presented to Parliament, which Parliament eventually approves and passes.
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Government Budgets The federal government’s budget balance equals tax revenue minus expenditure. If tax revenues exceed expenditures, the government has a budget surplus . If expenditures exceed tax revenues, the government has a budget deficit . If tax revenues equal expenditures, the government has a balanced budget .
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Fiscal Policy Multipliers Automatic fiscal policy is a change in fiscal policy triggered by the state of the economy. Discretionary fiscal policy is a policy action that is initiated by an act of Congress.
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