Taxes
Fiscal Policy Tools
Automatic Stabilizers
Grab Bag
Miscellaneous
100
The largest portion of revenue for the US Government
What are Income Taxes
100
Money that is spent in an attempt to stimulate the economy
What is Government Spending
100
This automatic stabilizer is Up when in a recession and Down when in expansion
What is unemployment benefits
100
Income taxes fall under what tax
What is Progressive
100
The higher this is, the less willing people are willing to work
What is tax rate
200
This tax rate is based on the more money one makes, the higher percentage they are taxed
What is Progressive
200
An economic time where Government Spending is low, Taxes are up, and the Unemployment Rate is low
What is Expansion
200
These are Up when we are in an expansion and Down when we are in a recession
What are taxes
200
Medicaid is an example of what type of tax
What is Proportional
200
Sales taxes fall under what category of taxes?
What is Regressive
300
A flat tax---ie: Upper, Middle and Lower classes are each taxed 10% of their income
What is Proportional
300
An example would be a welfare check or unemployment benefits
What is a Transfer Payment
300
The purpose of automatic stabilizers
What is to keep the economy from fluctuating
300
Keynes economists believe who should help fix the economy
Who is the government
300
It is unreasonable to expect someone on welfare to pay for their own services under this plan
What is benefits-received
400
This changes form year to year based on the amount of people employed or unemployed
What is income tax revenue
400
This is difficult for politicians to do if they want to get re-elected
What is raise taxes
400
The government must use what when these automatic stabilizers are not working
What is Discretionary Fiscal Policy
400
This group believes that the government should be hands off in the economy because they believe it will fix itself
Who are Classical Eonomists
400
A rise in this after the government tries to stimulate the economy can sometimes cause more harm than good
What is interest rate
500
Under this tax idea, the less money they make, the higher percentage of income they are taxed
What is Regressive
500
During this economic time, Government Spending is up, Taxes are down, and the Unemployment Rate is up
What is a Recession
500
This occurs when expansion lasts too long
What is inflation
500
Taxes on alcohol and cigarettes are regressive---what are they also known as?
What are Sin Taxes
500
This occurs when the unemployment rate is high and inflation is high at the same time
What is Stagflation
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