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Flashcards - Fiscal Policy & Monetary Policy

Flashcards - Fiscal Policy & Monetary Policy
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expansionary gap
An inflationary gap, in economics, is the amount by which the actual gross domestic product exceeds potential full-employment GDP
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the business cycle
The business cycle or economic cycle is the downward and upward movement of gross domestic product around its long-term growth trend
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gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
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Fiscal policy
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence the economy
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Fiscal policy
In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence the economy
gross domestic product
Gross domestic product is a monetary measure of the market value of all final goods and services produced in a period
the business cycle
The business cycle or economic cycle is the downward and upward movement of gross domestic product around its long-term growth trend
expansionary gap
An inflationary gap, in economics, is the amount by which the actual gross domestic product exceeds potential full-employment GDP
A progressive tax code
A progressive tax is a tax in which the tax rate increases as the taxable amount increases
Automatic stabilizers
In macroeconomics, automatic stabilizers are features of the structure of modern government budgets, particularly income taxes and welfare spending, that act to dampen fluctuations in real GDP
Decision lag
In economics, the inside lag is the amount of time it takes for a government or a central bank to respond to a shock in the economy
Open market operations
An open market operation is an activity by a central bank to give liquidity in its currency to a bank or a group of banks

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