Economics (McConnell), AP* Edition, 20th Edition

LO 31.1

Identify and explain the purposes, tools, and limitations of fiscal policy.

LO 31.2

Explain the role of built-in stabilizers in moderating business cycles.

LO 31.3

Describe how the cyclically adjusted budget reveals the status of U.S. fiscal policy.

LO 31.4

Summarize recent U.S. fiscal policy and the projections for U.S. fiscal policy over the next few years.

LO 31.5

Discuss the problems that governments may encounter in enacting and applying fiscal policy.

LO 31.6

Discuss the size, composition, and consequences of the U.S. public debt.