ECON 1100 Chapter Notes - Chapter 12: Loanable Funds, Real Interest Rate, Tax Rate

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Changes in taxes and spending that are intended to achieve macroeconomic policy goals are called fiscal policy. There is an important distinction that must be recognized between automatic stabilizers and discretionary fiscal policy. With discretionary fiscal policy, the government takes actions to change spending or taxes. Economist often measure government spending relative to the size of the economy by calculating government spending as a percentage of gdp: up until 1992, the government was responsible for almost half of all economic activity in. Canada: from then on until 2008 however, the government played less of role in the. The federal government spends money in a variety of areas. In 2012: 25% of federal government spending was transfers to persons. Includes the guaranteed annual income supplement & the universal child care. Benefit: 18% of federal government spending covered most federal government programs (e. g. ,

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