Uh-Oh!
This phrase helps define inflation.
What is too much money chasing too few goods?
If the government collects more revenue that it spends, the government runs one of these.
What is a surplus?
Cutting taxes and increasing spending are this type of economic policy.
What is expansionary?
This is the central bank of the US.
What is the Federal Reserve?
This person said, "There is no such thing as a free lunch."
Who is Milton Friedman?
Inflation and unemployment typically have this kind of a relationship.
What is an inverse relationship? (When one goes up, the other goes down)
This is the collection of national deficits and surpluses over the past 250 years.
What is the national debt?
Contractionary fiscal policy has these two general options.
What are raising taxes and/or cutting spending?
The Fed has this many regional banks (not including the HQ in Washington).
What is 12?
Adam Smith coined this phrase.
What is the invisible hand?
A worker who has stopped applying for jobs is this type of worker.
What is a discouraged worker?
These are two examples of mandatory spending.
What are social security and interest on the debt?
Politicians are reluctant to enact this type of fiscal policy, as it is often unpopular.
What is contractionary fiscal policy?
The Fed wants inflation to be this amount.
What is 2%?
These two branches of government work together (or not) to enact fiscal policy.
What are the legislative and executive branches?
High unemployment and high inflation is called this.
What is stagflation?
These are two examples of discretionary spending.
What are the military, highways, courts, parks, etc?
A downside of expansionary economic policy is this.
What is a rise in the national debt and/or a rise in inflation?
The Fed adjusts this to influence the economy.
What are banks' interest rates and/or reserve requirements?
This country had hyperinflation in the early 2020s.
What is Venezuela?
A worker who wants to work more hours is this type of worker.
What is underemployed (but still employed)?
Congress can lower the national debt by taking these two actions.
What are raising taxes and cutting spending?
A downside of contractionary economic policy is this.
What is lower GDP and/or higher unemployment?
The Fed was founded in this year.
What is 1913?
She was the first woman to lead the Federal Reserve and the first woman to be Secretary of the Treasury.
Who is Janet Yellen?