Fiscal policy definitions

Fiscal policy definitions

Define: fiscal policy, budget deficit, budget surplus, automatic stabilizers, and Laffer curve

List and define four potential problems with fiscal policy

Define the National Debt (chapter 13)

Define: proportional tax, progressive tax, regressive tax, loopholes

List and define four major federal taxes

List six major federal spending programs

Briefly explain the ‘burden’ placed on current and future generations by deficit spending