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The group of three economists appointed by the president to provide fiscal policy
recommendations is the:
Council of Economic Advisers.
Discretionary fiscal policy refers to:
intentional changes in taxes and government expenditures made by Congress to
stabilize the economy.
Countercyclical discretionary fiscal policy calls for:
deficits during recessions and surpluses during periods of demand-pull inflation.
Fiscal policy refers to the:
deliberate changes in government spending and taxes to stabilize domestic output,
employment, and the price level.
Expansionary fiscal policy is so named because it:
is designed to expand real GDP.
Contractionary fiscal policy is so named because it:
is aimed at reducing aggregate demand and thus achieving price stability.
An economist who favors smaller government would recommend:
tax cuts during recession and reductions in government spending during inflation.
An economist who favored expanded government would recommend:
increases in government spending during recession and tax increases during
inflation.
Discretionary fiscal policy will stabilize the economy most when:
deficits are incurred during recessions and surpluses during inflations.
Assume the economy is at full employment and that investment spending declines
dramatically.
If the goal is to restore full employment, government fiscal policy should be
directed toward:
an excess of government expenditures over tax receipts.