Government & the Economy
This is the term for how the government manages taxes and public spending.
What is fiscal policy?
Lowering taxes and increasing spending is part of this kind of fiscal policy.
What is expansionary fiscal policy?
When a country sells products to another country, it is doing this.
What is exporting?
This is a tax on imported goods.
What is a tariff?
This global group was created to keep peace and solve international problems.
What is the United Nations (UN)?
The U.S. Congress is responsible for approving this yearly financial plan.
What is the federal budget?
Raising taxes and cutting spending are tools used during periods of…
What is inflation?
This trade concept means producing what you’re best at for lower opportunity cost.
What is comparative advantage?
This is a limit on the number of goods a country can import.
What is a quota?
This organization responds to global health crises.
What is the World Health Organization (WHO)?
A country’s government may increase this to pay for new programs or reduce national debt.
What are taxes?
This type of fiscal policy is often used to fight a recession.
What is expansionary fiscal policy?
This happens when a country imports more than it exports.
What is a trade deficit?
Tariffs usually make imported goods do this.
What is become more expensive?
This international financial institution provides loans and technical support to help countries reduce poverty and build infrastructure.
What is the World Bank?
This is the government’s goal when it spends more during a recession.
What is to stimulate the economy or reduce unemployment?
This type of fiscal policy usually decreases consumer spending.
What is contractionary fiscal policy?
When countries focus on making one or two goods efficiently, it’s called this.
What is specialization?
Lowering tariffs between countries encourages this kind of system.
What is free trade?
Countries join organizations like NATO for this shared benefit.
What is mutual defense or military protection?
Cutting government spending during inflation is a part of this kind of policy.
What is contractionary fiscal policy?
Fiscal policy differs from monetary policy because it’s managed by…
What is the government (Congress and the President)?
This term describes the value of exports being greater than imports.
What is a trade surplus?
If the U.S. sells more goods overseas, this will likely happen to the dollar.
What is it strengthens or gains value?
This kind of group works independently of governments to solve problems like hunger and education.
What is a Non-Governmental Organization (NGO)?