module 11 study guide

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Last updated 5:26 AM on 4/23/26
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13 Terms

1
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when G=T

govt spending = tax collection

balanced budget

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when G>T

balance deficit

3
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when G<T

budget surplus

4
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What is 1 out of 4 major federal spending items

national defense

5
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What is 2nd out of 4 major federal spending items

social security

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What is 3rd out of 4 major federal spending items

health program

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What is 4th major federal spending items

interest payment

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fiscal policy

done by federal reserve or by government

by government

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expansionary fiscal policy is used…

solving recession

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contractionary fiscal policy is used…

solving inflationary gap

11
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Lags in fiscal policy

  • recognition lag

time it takes to determine if there is a recession

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Lags in fiscal policy

  • legislative lag

time it takes for government to pass a bill for the policy

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Lags in fiscal policy

  • implemenatation lag

time it takes for funds to be distributed