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What government expenditures must be authorized each year?
tax rebates
Which term is best defined as a the amount of money that the government spends on programs in a year?
expenditures
What would most likely occur if the government's priority was to increase government expenditures?
increase taxesincrease taxesincrease taxes.
What is balanced budget?
A budget for which expenditures are equal to income. Sometimes a budget for which expenditures are less than income is also considered balanced. The concept is often discussed in reference to the federal government.
How is fiscal policy controlled?
Taxes, and government spending. Increasing taxes will decrease consumption and supply. Lowering taxes will increase consumption and supply. Increasing government spending will increase national consumption, and decreasing government spending will decrease national consumption. The economics AD-AS model shows a visual representation of the effects of fiscal policy on the economy if you are further interested.
Consumption Expenditures plus Investment plus Government Expenditures equals?
GNP
Which is included in the expenditures approach to GDP?
Consumption + Gross Investment + Government Expenditure + (Exports - Imports)
How is GDP calculated using the expenditures approach?
GDP = Consumption + Investment + Government Purchases + Net Exports
What are the factors that would affect the aggregate demand?
Consumption, investment, government spending, net exports, and aggregate expenditures.
Consumption Expenditures plus Investment plus Government Expenditures .?
GNP
What data is used to calculate GDP?
C+I+G+S=GDP C=consumption I=investment G=government expenditures S=net export
Explain why the government consumption expenditures G components of GDP falls short of actual government expenditures?
Government consumption considers spending on defense, judicial system, education, etc... It does not take into account expenditures such as unemployement benefits and social security.
What is a budget for major investment expenditures called?
Capital Budget is what a budget for major investment expenditures is called.
What is included in calculating GDP?
The GDP or gross domestic product is calculated by the sum of Consumption, Investment, Government Spending, and Net Exports. GDP is defined as the sum of all goods and services that are produced within a nation's borders over a specific time interval, typically one calendar year.
Keynes emphasized that income was determined by which of these?
consumption, investment, and government spending
What are the four sectors of GDP?
1) personal consumption expenditures (C) 2) gross investment (I) 3) government purchases of goods and services (G) 4) net exports of goods and services, or exports minus imports (X - M)
What is a government expediture?
DescriptionGovernment spending or expenditure includes all government consumption, investment, and transfer payments.
