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AP Government Chapter 18
Terms in this set (27)
The belief that inflation occurs when too much money is chasing too few goods.
The belief that the government must manage the economy by spending more money when in a recession and cutting spending when there is inflation.
John Maynard Keynes
The belief that government plans, such as wage and price controls or the direction of investment, can improve the economy.
John Kenneth Galbraith
The belief that lower taxes and fewer regulations will stimulate the economy.
Paul Craig Roberts
The belief that a combination of monetarism, lower federal spending, and supply-side economics will stimulate the economy.
Managing the economy by altering the supply of money and interest rates.
Managing the economy by the use of tax and spending laws.
A document that states tax collections, spending levels, and the allocation of spending among purposes.
For the federal government, October 1st through the following September 30th.
A congressional decision that states the maximum amount of money the government should spend.
A claim for government funds that cannot be changed without violating the rights of the claimant.
Automatic spending cuts.
a situation in which the government takes in more money than it spends
Congressional Budget Act 1974
Legislation that authorizes budget ceilings
Council of Economic Advisors
A group that forecasts economic trends
What occurs when the government in one year spends more money than it takes in from taxes
Spending not required to pay for contracts, interest on the national debt or entitlement programs
Federal Reserve System
The mechanism that regulates the supply and price of money
The growing integration of the economies and societies of the world
Gross Domestic Product (GDP)
The total of all goods and services produces in the economy during a given year
General term for deductions, exemptions and exclusions in the tax code
The total deficit from the first presidency down to the present
Other-regarding voter theory
The theory that voters worry about community and national interests
Wage and Price Controls
Government regulation of the maximum prices that can be charged and wages that can be paid
Self regarding voter theory
The theory that voters are mostly influenced by their own immediate economic situation
Electoral behavior that regards the condition of the national economy more so than one's own personal finances
An organization that provides estimates of tax revenues
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