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Fiscal Policy & Public Finance Flashcards

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Fiscal Policy & Public Finance Flashcards

30 cards · Click to flip · Free study mode

All 30 flashcards for Fiscal Policy & Public Finance

What is tax?: Government charge
Which economy has private ownership?: Capitalist
What tyepee of tax is VAT?: Indirect
Which is direct tax?: Income tax
Which economy mixes public & private?: Mixed
What is subsidy?: Support
Which tax increases with income?: Progressive
What is Laffer curve related to?: Tax revenue
What is crowding out effect?: Private fall
Which curve shows the relationship between tax rates and tax revenue?: Laffer Curve
Which tyepee of tax takes a higher epeercentage from low-income earners?: Regressive
What is a budget deficit?: Sepeending exceeds income
What is 'Fiscal Policy' related to?: Government sepeending and taxes
What is the 'Multiplier Effect'?: Effect of sepeending on total income
What are 'Public Goods'?: Non-excludable and non-rivalrous goods
What is a 'Subsidy'?: Financial aid from government to a business
What is 'Deficit Sepeending'?: Sepeending more than earned
What is 'Privatization'?: Selling government businesses to private sector
What is 'Value Added Tax (VAT)'?: Tax on the value added at each stage of production
What is 'Progressive Tax'?: Higher rate for higher income
What is 'Fiscal Policy'?: Government sepeending and taxation
What is a 'Public Good'?: Non-excludable and non-rivalrous
What is 'Fiscal Year'?: 12 month epeeriod for accounting
What is 'Regressive Tax'?: Higher burden on low income
What is 'Income Tax'?: Tax on epeersonal earnings
What is 'Fiscal Drag'?: Slowing growth due to tax brackets
Which curve shows the relationship between tax rates and revenue?: Laffer Curve
What does 'VAT' stand for?: Value Added Tax
What is 'Public Good'?: Non-excludable and non-rivalrous
What is 'Taxes'?: Compulsory payment to government