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Economics unit 11
| Question | Answer |
|---|---|
| What are the types of discretionary demand-side policies? | fiscal policy and monetary policy |
| How can governments also pursue policies relying on the market to correct externalities? | Taxes and subsides |
| Characteristics of a public good | non-rivalrous and non-excludable |
| What is a monopoly? | Monopoly is a type of market structure where there is a single firm dominating the market for a product, and where high barriers to entry ensure that the monopoly position of the single seller can be preserved. |
| What are the possibles responses of governments to a monopoly? | Legislation, regulation, nationalisation, trade liberalisation |
| What purchases of aggregate demand includes government-purchases? | It includes all purchases by government agencies of goods and services produced by firms, as well as direct production by government agencies themselves. |
| What are taxes? | Taxes can be defined as compulsory contribution to state revenue, levied by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions |
| What is a government budget balance? | Is the difference between the government’s revenues and its expenditures. |
| What is the national debt? | Is the sum of all past government deficits, minus any surpluses |
| What affect income taxes? | Income taxes affect the consumption component of aggregate demand. An increase in income taxes reduces disposable personal income and thus reduces consumption. |
Created by:
manumasva
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