1. Debt
Fiscal Policy
Inflation
Acronyms
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Final J

2. The amount by which annual tax revenue exceeds government expenditures is known as ______.

3. The amount by which annual government spending exceeds tax revenue is known as ______.

4. What is public debt?

5. Some government agencies hold some debt
Some government agencies hold some debt. What percent of public debt in the U.S.A. is owned by foreigners?

6. An expansionary fiscal policy _______ government spending and ______ taxes.

7. A contractionary fiscal policy _______ government spending and ______ taxes.

8. Name three different types of lag.

9. What is crowding out?

10. True or False:
An economy experiencing disinflation will be facing a devaluing currency.

11. Yes or no:
The opposite of deflation is inflation.

12. No or French Fries:
The inflation tax is directly the result of one law passed by Congress.

13. Creditors or Homeowners:
Who benefited from unanticipated inflation in the 1970s and 1980s? Why?

14. CPI

15. PPI

16. GDP

17. SM

19. Use a correctly labeled aggregate supply and demand graph to illustrate cost-push inflation. Give an example of what might cause cost-push inflation in the economy.