TYPE ALL ANSWERS!!!

1. What is the Council of Economic Advisers?
2. Explain the aspects of expansionary fiscal policy.
3. Explain the aspects of contractionary fiscal policy.
4. Define budget surplus
5. Define budget deficit.
6. Explain what is meant by a built-in stabilizer and give two examples.
7. What does the "cyclically adjusted budget" measure and of what significance is this concept?
8. Explain the three problems of timing that arise in the implementation of fiscal policy.
9. Explain the crowding-out effect.
10. The U.S. public debt is essentially the accumulation of _______________________________________________________.
11. Go to https://fiscaldata.treasury.gov/datasets/debt-to-the-penny/debt-to-the-penny(Links to an external site.) What is the most current amount of public debt? Total debt?
12. Can the large public debt cause the nation to go bankrupt? Explain.
13. Is the public debt a burden on future generations? Explain.
14. List and explain the four real and potential problems with the public debt.