Fiscal Policy Vocabulary Flashcard

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Fiscal policy is a government policy related to:

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Taxation and government spending

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A Federal budget is:

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A plan for the federal government's revenues and expenditures for a fiscal year.

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OMB stands for which of the following and what is its role? Options: Office of Management and Budget; it assists the President in overseeing the preparation of the federal budget., Office of Monetary Balance; it manages the country's monetary policy., Office of Military Benefits; it provides benefits to military personnel., Office of Market Bureau; it regulates stock market activities.

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Office of Management and Budget; it assists the President in overseeing the preparation of the federal budget.

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What does CBO stand for and what is its function?

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Congressional Budget Office; provides budget and economic information to Congress

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An Appropriations Bill is a legislative motion that authorizes the government to spend money. Which of the following best describes its purpose? To allocate funds for specific government departments and programs, To propose new taxes, To amend the constitution, To regulate international trade

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To allocate funds for specific government departments and programs

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Expansionist policies are strategies used by a country to:

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Expand its territorial or economic influence

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Contractionary policies are designed to:

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Reduce inflation

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Classical Economics is a school of thought in economics that emphasizes which of the following principles? Government intervention in markets, Free markets and the idea of the invisible hand, Central planning and control, Monetary policy as the primary economic tool

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Free markets and the idea of the invisible hand

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Keynesian Economics is a theory that emphasizes the role of government intervention in the economy to achieve full employment and stable prices.

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A theory that emphasizes the role of government intervention in the economy.

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Supply-side Economics focuses on which of the following? Increasing consumer demand, Reducing government spending, Boosting production and supply, Raising taxes on the wealthy

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Boosting production and supply