TAILIEUCHUNG - Lecture Issues in economics today - Chapter 9

When you finish this chapter, you should: Define the key terms of economics and opportunity cost and understand how a production possibilities frontier exemplifies the trade-offs that exist in life, distinguish between increasing and constant opportunity cost and understand why each might happen in the real world, analyze an argument by thinking economically, while recognizing and avoiding logical traps. | Lecture Issues in economics today - Chapter 9 Chapter 9 Federal Spending McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. Chapter Outline A Primer on the Constitution and Spending Money Using our Understanding of Opportunity Cost Using our Understanding of Marginal Analysis Budgeting for the Future McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. Federal Spending as a Percentage of GDP F e d e r a l S p e n d i n g G D P Federal Spending as a of GDP 24 22 20 18 16 14 12 10 1947 1951 1955 1959 1963 1967 1971 1975 1979 1983 1987 1991 1995 1999 Year McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. A Primer on the Constitution No money shall be drawn from the treasury but in consequence of appropriations made by law . Both houses of Congress must pass identical bills President must sign or have veto overridden McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. The Budget Process President sends Congress a proposed budget Congress passes its version of the budget the president does not have to sign or veto Congress passes Appropriations Bills President signs or vetoes Appropriations Bills Tax Law changes must originate in the House of Representatives McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. Shenanigans in the Process Pork-Barrel spending guided by important committee chairs. Conference committees meet to settle differences between House and Senate versions of the appropriations bills. Members of conference committees often add provisions that were not in either bill to help their constituents. McGraw Hill Irwin 2002 The McGraw Hill Companies Inc. All Rights Reserved. Dealing with Disagreements When dealing with a disagreement Congress can give in to the president The president can give in to the Congress They can stalemate and shut the government down They can pass a Continuing Resolution Continuing Resolution a bill passed by .

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