1. Expansionary fiscal policy a. Define expansionary fiscal policy b. Identify three forms of expansionary fiscal policy. 2. Contractionary fiscal policy a. Define contractionary fiscal policy b. Identify three forms of contractionary fiscal policy. 3. What are the three lags in fiscal policy? Module 34 4. Automatic stabilizers What are automatic stabilizers? b. Identify three of them. 5. Discretionary fiscal policy a. What is discretionary fiscal policy? b. How is discretionary fiscal policy different from automatic stabilizers? When do economists recommend that discretionary fiscal policies are used? d. Can you think of some examples that have recently been employed in the US during the COVID-19 epidemic? Module 35 6. Do economists think an economy's budget should be balanced be balanced? 7. Debt and deficits a. Explain what your text means by a "fiscal year." b. What is public debt? c. How does a budget deficit impact public debt? 8. What are the two dangers of rising government debt? Briefly explain what they are. 9. What do economists use to assess an economy's ability to pay their debt? 10. Implicit liabilities a. Explain what implicit liabilities are b. Give three examples of common ones we have in the US. c. Why do we worry about them, especially in the future