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Chapter 12

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1.The Marginal Propensity to ______ is the fraction of each additional (marginal) dollar of disposable income spent on consumption
5.________ spending is responsible for the smallest part of aggregate demand
6.An increase in the average level of prices of goods and services
8.The GDP ____ is often the difference between full-employment output & the amount of output demanded at current price levels
9.________ spending is responsible for the largest part of aggregate demand
10._______ ______ are payments to individuals for which no services are exchanged & are not included in government spending
11.The higher the _______, the greater the multitier effect
13.The price-output relationship at equilibrium may not satisfy our macroeconomics goals
15._____ _____ is the use of government taxes and spending to alter undesirable macroeconomic outcomes
19.Automatic ________ are counter-cyclical but are not fiscal policy tools; they kick in automatically
21.Tax increases reduce disposable income & this _____ consumption
22.Tax hikes shift the aggregate demand curve to the _____
25.________ income = after-tax income of consumers
26.A _____ cut directly increases disposable income
28.The ______ is the number by which an initial change in aggregate spending will ultimately impact AD after the ripple of spending cycles have worked themselves out; _______ = 1/(1-MPC) or 1/MPS (___=same word)
29.Multiplier x ______ change in government spending = Total Change in Spending
30._______ AD to close the GDP gap
31.The government borrows money to pay for ____ spending; does not print more money
32.The ______ is the total outstanding amount of US government obligations
2.The use of the budget to manage aggregate demand implies that the budget will often by _______
3.In Keynes’ view, an unbalanced budget is appropriate if macro conditions call for a deficit or a surplus—__________ Policy; contrast with automatic stabilizers
4.The focus of supply-side theory is to get more output by shifting the AS curve to the _____
7.The inability of labor-force participants to find jobs
12._______ refers to expenditures on (production of) new plant & equipment in a given time period, plus changes in business inventories
14.The Marginal Propensity to _____ is the fraction of each additional (marginal) dollar of disposable income not spent on consumption
16.Even if the macro equilibrium is optimal, it may be displaced by macro disturbances
17.MCC tends to ______ as income rises
18.MPS = Change in Saving / Change in _______ income
20.Four major components of aggregate demand: Consumption (C), _________ (I), Government spending (G), & Net exports (exports-imports) (X-IM)
23.Fiscal ______ = tax hikes or spending cute intended to reduce (shift) aggregate demand
24.Lack of ______ in GDP is the rate of real output (GDP) produced is lower than desired, even at full-employment
27.An increase in government spending results in increased _____ for some people

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