*An example of a contractionary fiscal policy is..?
Decrease government spending
*If you're a supporter of supply side economics, you believe...
Taxes have a strong negative influence on the economy
*What's the purpose of expansionary fiscal policy?
*All of the following are problems with high national debt except..
*Example of discrentionary spending
*What kind of currency system....
*What happends when the nations currency depreciates?
Products become cheaper to other nations. They get more.
*Duty free shops...
*Question about bananas...
United States cannot produce bananas.
*When exchange rates are aloud to be determined by supply and demand...
*Exchange rates between US & Japan
What is the European Union[EU]
Regional Trade Orginization
Currency in great britain is the pound...long question...
Go up, increase
A sales tax is what type of tax?
A government policy for dealing with the budget.
A tax in which the percentage of income paid in taxes remains the same for all income levels.
One in which the percentage increases at higher income levels.
The percentage increases at lower income levels.
Social Welfare program in US.
SUPPLY SIDE ECONOMICS
The school of economic theory that stresses the costs of production as a means of stimulating the economy; advocates policies that raise capital and labor output by increasing the incentive to produce.
Government tax on imports or exports
What type of opportunity cost do I want to have when it comes having a comparative advantage?
Lower oppertunity cost
A tax on a sale or manufacture of a good.
Ability of an individual to produce a particular good or service at a lower opportunity cost than another party.
Ability of an individual to produce more of a good or service than competitors, using the same amount of resources.
Increase in the value of a currency/Decrease in the value of a currency.
What is OMB's role in giving money out to Federal agencies?
Set up the budget/run the budget.
What does state capital budgets fund?
What is a deficit? A surplus?
Spends more than takes in/Takes in more than spends