All of the following are considered automatic stabilizers except _____ .

Automatic stabilizers are mechanisms that naturally counterbalance fluctuations in economic activity without the need for explicit government intervention. These usually include systems where spending and tax revenues increase or decrease automatically in response to changes in economic conditions.

Unemployment insurance, progressive tax systems, and social security benefits all fall into this category. For instance, during a recession, unemployment insurance payouts increase as more individuals become eligible due to job loss, thus injecting funds into the economy. Progressive tax systems adjust collection rates based on income levels—when incomes fall, tax revenues decrease automatically, providing further economic support. Social security benefits are a form of income support that helps stabilize a person's income during times of economic hardship.

In contrast, lotteries are not an automatic stabilizer because they do not adjust based on economic conditions or provide a systematic liquidity effect on the economy. Revenue from lotteries does not change in response to economic downturns; it relies on voluntary participation rather than any economic necessity. Therefore, the lottery does not play the role of an automatic stabilizer like the other options listed.