Government Spending

Review Questions

Give some examples of changes in federal spending and taxes by the government that would be fiscal policy and some that would not.

Have the spending and taxes of the U.S. federal government generally had an upward or a downward trend in the last few decades?

What are the main categories of U.S. federal government spending?

What is the difference between a budget deficit, a balanced budget, and a budget surplus?

Have spending and taxes by state and local governments in the United States had a generally upward or downward trend in the last few decades?