International Fiscal Policy
Fiscal policy is determined by the legislature and this Cabinet level appointee in the executive branch.
Who is the Secretary of the Treasury?
This type of tax provides the federal government with most of its income.
What is the income tax?
This organization of 164 member countries monitors international trade deals to insure global trading is "fair."
What is the World Trade Organization?
The father of macroeconomic principles.
Who was John Maynard Keynes?
From 1875 to 1914 most of the world used this as the standard for currency valuation.
What is gold (the classical gold standard)?
When you lower taxes and increase military spending you end up with this (for the fiscal year).
What is a deficit?
This type of tax was created to discourage dynastic wealth and is derisively referred to as the "Death" tax.
What are estate taxes?
Originally created to help Europe rebuild after WWII this organization this 189 member organization gives policy advice and loans to economically developing nations.
What is the International Monetary Fund.
NAFTA is an example of this type of agreement.
What is a free trade agreement?
If Swaziland comes up with some new product that everyone in the world (including America) wants, this will happen to the value of the U.S. dollar.
What is depreciate in value?
The improbable fantasy of fiscal policy wonks where we make and spend the same amount every year forever...
What is a Balanced Budget Amendment?
This Amendment to the Constitution made it legal for the government to tax our income.
What is the 16th Amendment?
A type of not-for-profit organization that generally sides with those negatively impacted by the effects of globalization.
What is an NGO (Non-Governmental Organization)?
In terms of trade and production as country is said to have this if it can produce a good at a lower opportunity cost.
What is comparative advantage?
If American interest rates on investments rise and British ones lower this will happen to the dollar relative to the pound.
What is appreciate in value?
He is currently the guy in charge of fiscal policy for the executive branch.
Who is Steve Mnuchin?
Also known as the "sin" tax, this special tax applies only to specific goods.
What is an excise tax?
Once known as Third World countries this is the current and apparently more politically correct term for the poorest nations.
What are "Least Developed Countries?"
This is the type of "good" that keeps the United States trade deficit lower than it otherwise would be.
What are services?
This is the current international monetary system (used by the United States).
What is the flexible (or floating) exchange rate system?
Transfer payments (Social Security, etc.) and transfer-in-kind (Food stamps, etc.) are two examples of the government fulfilling this purpose of fiscal policy (that sounds like communism).
What is income redistribution?
You have to have worked this long (and paid your taxes) to receive Social Security benefits.
What is 10 years?
This hypothetical model suggests that as a nation's economy improves it will also reduce levels of pollution...
What is the Kuznets Curve?
This is the pro-trade barrier argument that states that it can be in the best interest of a country to temporarily create trade barriers and tariffs to help a newly formed industry become competitive.
What is the "infant-industry" argument?
ps. you should know all six.
Post World War II System that tied currencies to the gold-backed U. S. dollar.
What is the Bretton Woods System?