In this instructional activity summary review and remind yourself of the key terms and graphs related to the effects of fiscal policy actions in the short run. Topics include how fiscal and monetary policy can be used in combination to close output gaps, and how fiscal and monetary policy affect key macroeconomic indicators such as output, unemployment, the real interest rate, and inflation. This resource is designed as a review for the AP Macroeconomics Test or a college-level macroeconomics course.