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15 cards from this deck
Use of government spending & taxation to influence the economy
Tax levied directly on income or wealth
Tax collected by intermediary; burden passed to consumers via prices
Tax rate increases as taxable amount increases
Tax rate decreases as taxable amount increases
Tax rate remains constant regardless of taxable amount
Government revenue exceeds its expenditures
Government expenditures exceed revenue; leads to borrowing
Government revenue equals its expenditures
Spending on day-to-day operations (recurring expenses)
Spending on long-term investments (one-time expenses)
Fiscal balance that varies with the economic cycle
Fiscal balance adjusted for economic cycle at full potential
Increased govt spending raises interest rates, reducing private investment
Relationship between tax rates & revenue; optimal rate maximizes revenue
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