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Macro 16.pdf
- 4. Quiz Master
- 5. Chapter 17 The Government Budget Taxes and Spending
- 7. Monetary Central Bank Tools Reserve Ratio Discount Rate Open Market Excess Reserve Rate Fiscal Government Tools Taxes Spending Aggregate Demand Aggregate Demand Aggregate Supply
- 10. Tax Revenues Income Taxes Social Security Taxes Other
- 13. Corporate Tax Rate 21% Flat Rate
- 14. Progressive The more you earn, the higher the rate
- 16. De fi cits and Debt Government Spending and Revenue
- 18. Balanced Budget Spending exactly equals revenues
- 21. Debt $24 trillion $72,700 per person
- 23. Why would you want government to go into debt? Don’t have to pay Future larger economy
- 24. Debt Investment Only if the return is higher than the interest rate
- 26. P4 Price Level Real GDP orY Fiscal Policy and Negative Supply Shock 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 P2 P3 In fl ation and Recession Stag fl ation
- 27. P2 Price Level Real GDP orY Increase Aggregate Demand Lower Taxes and/or Increase Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 Unemployment
- 28. P3 Price Level Real GDP orY Decrease Aggregate Demand Raise Taxes and/or Decrease Spending 18 Long Run Aggregate Supply Short Run Aggregate Supply 19 P1 Aggregate Demand 17 In fl ation
- 31. More Borrowing Crowding Out Increase interest rates
- 32. Lower Taxes People may just save more and not spend
- 33. More Spending Now get free stuff. No new spending
- 34. Get a free iPhone But your taxes will go up to pay for it No change in total spending
- 35. Where does government get the money?
- 36. GDP = C + I + G + X - M
- 37. If there are inactive capitals Output will increase If all capitals are active Prices will increase