Transcript Econ-Ch.-10-Review

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Types/Impact of
Govt. Spending
Federal
Expenditures
State & Local
Expenditures
Deficit/Surplus/
Debt
Vocabulary
Types/Impact
of Govt.
$ Spending
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$200
$300
$400
Federal
State & Local Deficit/Surplus/
Vocabulary
Debt
Expenditures Expenditures
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C 1 - $100
Part of the economy made
up of federal, state and local
governments.
C 1 - $200
A line item budget
expenditure that
circumvents normal
budget-building
procedures.
C 1 - $300
Government payment to
encourage or protect a certain
economic activity
C 1 - $400
Way in which the nations
income is divided among
families, individuals or other
designated groups
C 1 - $500
A transfer payment that one
level of government makes
to another that does not
involve compensation
C 2 - $100
National defense is
an example of this
type of spending
C 2 - $200
This is the largest category
of Federal Expenditures
C 2 - $300
federal health-care
program for senior citizens,
regardless of income
C 2 - $400
Joint federal-state medical
insurance program for
low-income people
C 2 - $500
Legislation authorizing
spending for certain
purposes
C 3 - $100
This is the
largest category
of state spending
C 3 - $200
This is the largest spending
category of most local
governments
C 3 - $300
This level of government
is responsible for public
utilities such as sewerage
and water
C 3 - $400
This level of government is
responsible for police and fire
protection
C 3 - $500
A state level constitutional
provision requiring that
annual spending not
exceed revenues
C 4 - $100
This attempted to trim
$500 billion from
the deficit
over 5 years
C 4 - $200
Legislation intended
to establish a
balanced budget
C 4 - $300
The “pay-as-you-go”
provision was a feature
of which legislation?
C 4 - $400
All levels of
government combined
consume how much
of GDP?
C 4 - $500
This was an attempt to
cancel specific budget
items without rejecting
the entire budget
C 5 - $100
Payment for which the
government receives neither
goods nor services
C 5 - $200
Spending in excess of
revenues collected
C 5 - $300
Part of the economy
made up of individuals
and privately
owned businesses
C 5 - $400
Social programs that
provide services or income
to all individuals who meet
eligibility requirements
C 5 - $500
Federal spending
authorized by law that
continues without the
need for annual approvals
by Congress
C 1 A - $100
Public Sector
$
C 1 A - $200
Pork
$
C 1 A - $300
Subsidy
$
C 1 A - $400
Distribution of Income
$
C 1 A - $500
Grant-in-aid
$
C 2 A - $100
Discretionary
Spending
$
C 2 A - $200
Social Security
$
C 2 A - $300
Medicare
$
C 2 A - $400
Medicaid
$
C 2 A - $500
Appropriations Bill
$
C 3 A - $100
Intergovernmental
Expenditures
$
C 3 A - $200
Elementary and
Secondary Education
$
C 3 A - $300
Local Governments
$
C 3 A - $400
Local Governments
$
C 3 A - $500
Balanced Budget
Amendment
$
C 4 A - $100
Omnibus Budget
Reconciliation Act
$
C 4 A - $200
Gramm-RudmanHollings Bill (GRH)
$
C 4 A - $300
Budget
Enforcement Act
(BEA)
$
C 4 A - $400
1/3 of GDP
(Gross Domestic Product)
$
C 4 A - $500
Line-item
veto
$
C 5 A - $100
Transfer Payment
$
C 5 A - $200
Deficit Spending
$
C 5 A - $300
Private Sector
$
C 5 A - $400
Entitlements
$
C 5 A - $500
Mandatory
Spending
$
FJ Topic
Impact of the
National Debt
$
FJ Question
Higher-than-normal interest rates
and diminished access to financial
capital faced by private
borrowers when they compete
with government borrowing in
financial markets
$
FJ Ans
Crowding-out
effect
$
END OF GAME