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32 terms

Chapter 18 economic policy

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budget
A document that states tax collections, spending levels, and the allocation of spending among purposes.
budget resolution
A congressional decision that states the maximum amount of money the government should spend.
deficit
What occurs when the government in one year spends more money than it takes in from taxes.
economic planning
The belief that government plans, such as wage and price controls or the direction of investment, can improve the economy.
entitlement
A claim for government funds that cannot be changed without violating the rights of the claimant.
fiscal policy
Managing the economy by the use of tax and spending laws.
fiscal year (FY)
For the federal government, October 1 to September 30.
gross domestic product (GDP)
The total of all goods and services produced in the economy during a given year.
Keynesianism
The belief that the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation.
monetarism
The belief that inflation occurs when too much money is chasing too few goods.
monetary policy
Managing the economy by altering the supply of money and interest rates.
national debt
The total deficit from the first presidency down to the present.
Reaganomics
The belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy.
sequester
Automatic spending cuts.
supply-side economics
The belief that lower taxes and fewer regulations will stimulate the economy.
graduated income tax
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honeymoon period
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fiscal federalism
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critical realignment
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Gerrymandering
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Establishment Clause
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14th Amendment
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Map v. Ohio
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Federal Reserve Board
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US. v. Nixon
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Munn v. Illinois
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26th Amendment
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Gideon v. Wainwright
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17th Amendment
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16th Amendment
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Lockner v New York
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Youngstown Sheet & Tube v. Sawyer
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