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The U.S. Senate plays a pivotal role in the selection of cabinet officers and federal judges. What is this role?
Equilibrium GDP
Equilibrium GDP is the level of output where aggregate demand matches aggregate supply, resulting in a stable economy without tendencies to change.
Multiplier
A factor that quantifies how an increase in spending leads to an increase in national income and output, typically greater than the initial amount spent.
Balanced Budget
When federal tax receipts equal federal government spending.
Constitutional Amendment
A formal change or addition proposed and ratified according to the procedures specified in a constitution, altering the document's framework or principles.
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