fiscal policy jeopardy federal budget spending tools aggregate demand q $100 q $200 q $300 q $400 q...
TRANSCRIPT
Fiscal Policy JeopardyFederal Budget
Spending ToolsAggregate Demand
Q $100
Q $200
Q $300
Q $400
Q $500
Q $100 Q $100Q $100 Q $100
Q $200 Q $200 Q $200 Q $200
Q $300 Q $300 Q $300 Q $300
Q $400 Q $400 Q $400 Q $400
Q $500 Q $500 Q $500 Q $500
Final Jeopardy
Taxes
$100 Question from Taxes
A required payment to a local, state, or national government
$100 Answer from Taxes
What is a tax
$200 Question from Taxes
Income received by the government from tax collection
$200 Answer from Taxes
What is revenue
$300 Question from Taxes
The three types of tax structures
$300 Answer from Taxes
What are proportional, progressive, and regressive
$400 Question from Taxes
This funds Social Security and Medicare
$400 Answer from Taxes
What is FICA (Federal Income Contributions Act)
$500 Question from Taxes
The four characteristics of a good tax
$500 Answer from Taxes
What are simplicity, efficiency, certainty, and equity
$100 Question from Federal Budget
A written document indicating the amount of money the government expects to receive and how they will spend it
$100 Answer from Federal Budget
What is a federal budget
$200 Question from Federal Budget
During this step Congress makes changes to the budget and sends the amended budget to the President
$200 Answer from Federal Budget
What is Step 3
$300 Question from Federal Budget
Occurs then the government spends more than it takes in
$300 Answer from Federal Budget
What is budget deficit
$400 Question from Federal Budget
The total amount of money the federal government owes to bondholders
$400 Answer from Federal Budget
What is the national debt
$500 Question from Federal Budget
A type of loan with a promise to repay with interest
$500 Answer from Federal Budget
What is a bond
$100 Question from Spending
Programs that lawmakers are required by existing laws to spend money on
$100 Answer from Spending
What is mandatory spending
$200 Question from Spending
Spending that government can adjust; increase or decrease
$200 Answer from Spending
What is discretionary spending
$300 Question from Spending
Social welfare programs that people are entitled to if they meet certain requirements
$300 Answer from Spending
What are entitlements
$400 Question from Spending
Largest category of federal spending
$400 Answer from Spending
What is Social Security
$500 Question from Spending
Pays the salaries of people in the army, navy, air force, marines and civilian employees. Largest portion of discretionary spending.
$500 Answer from Spending
What is defense spending
$100 Question from Tools
Fiscal policy like higher spending and tax cuts that encourage growth
$100 Answer from Tools
What is expansionary fiscal policy
$200 Question from Tools
Fiscal policy like lower spending and higher taxes that reduce economic growth
$200 Answer from Tools
What is contractionary fiscal policy
$300 Question from Tools
The policy used to decrease unemployment
$300 Answer from Tools
What is expansionary
$400 Question from Tools
The policy used to decrease inflation
$400 Answer from Tools
What is contractionary
$500 Question from Tools
This policy reduces the budget deficit
$500 Answer from Tools
What is contractionary
$100 Question from Aggregate Demand
The sum of all supply and demand in an economy
$100 Answer from Aggregate Demand
What is Aggregate
$200 Question from Aggregate Demand
The four components of Aggregate Demand
$200 Answer from Aggregate Demand
What are C + I + G + NX
$300 Question from Aggregate Demand
Reasons why Aggregate Demand Curve is downward sloping
$300 Answer from Aggregate Demand
What are wealth effect, interest rate effect, exchange rate effect
$400 Question from Aggregate Demand
Government spending increases
$400 Answer from Aggregate Demand
What is shifts to the right
$500 Question from Aggregate Demand
Government implements contrationary fiscal policies
$500 Answer from Aggregate Demand
What is shifts to the left
Final Jeopardy
Scenario Expansion/Contraction
Effect on Federal Budget
Objective for AD
Action on Taxes
Action on Gov’t spending
Effect on the National Debt
The government decreases defense spending and takes more money from individual incomes.
Final Jeopardy Answer
Scenario Expansion/Contraction
Effect on Federal Budget
Objective for AD
Action on Taxes
Action on Gov’t spending
Effect on the National Debt
The government decreases defense spending and takes more money from individual incomes.
Contraction Move toward surplus