Chapter 7 Quiz: AP Economics 1. A nation’s gross domestic product (GDP): A. is the dollar value of all final output produced within the borders of the nation. B. is the dollar value of all final output produced by its citizens‚ regardless of where they are living. C. can be found by summing C + In + S + Xn. D. is always some amount less than its C + Ig+ G + Xn. 2. A nation’s gross domestic product (GDP): A. can be found by summing C + Ig + G + Xn. B. is the dollar value of the total output
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practices for managing government finances in order to achieve macro-fiscal stability (real growth with low inflation‚ no payment arrears‚ sustainable debt‚ etc.)‚ an optimal allocation of resources (increased social welfare)‚ efficiency of public spending (more public goods and services at lowest market prices)‚ and good governance (transparency and accountability). PFM regulates procedures that apply in four broad areas: budget‚ treasury‚ accounting‚ and control. The budget is prepared by the executive
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with the focus being on the difficulties experienced in trying to control it. In order to answer a question concerning why governments find it hard to control public expenditure it is first necessary to look at the reasons for the growth in public spending. There are three approaches which attempt to give reasons for growing public expenditure which I intend to scrutinise‚ these are‚ the societal system approach‚ the political system approach and the governmental system approach. An evaluation of
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the poor and middle class citizens. Government officials that are elected are there to take care of policies and programs. Because when Gross Domestic Product( GPD) taxes increase spending and receipts rise and the government and the budget from surplus to a increase‚ when Gross Domestic Product taxes (GPD) reduce spending and receipts decline and the move of government budget from surplus toward a deficit. Therefore‚ elected officials are over seers of the policy’s to make sure that the taxes stay
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Nicole Abeyta Marketing Project Professor Liz Thomas-Hensley Marketing in the 21st Century February 11‚ 2013 Abeyta 1 Executive Summary: Stephanie Abeyta is an up and coming cosmetologist‚ she loves art and she expresses it through a variety of creative techniques. Stephanie wants to create trendy looks through hair‚ makeup‚ and nail design that will meet the needs of all her customers. Mission: Evolve infinitely in peace‚ beauty‚ and Happiness Vision: • Build
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This week we have learned about government spending and taxation in our special readings‚ along with the 8 guideposts of economic thinking. I will touch on 4 of these guideposts and how they apply to spending and taxes. The first guidepost of economic thinking states that the use of scarce resources is costly‚ so trade-offs must be made by decision makers. The perfect example of how this applies is that since 1960‚ spending on defense has fallen dramatically‚ and expenditures on things such as
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Country Briefings. Oxford: Sep 29‚ 2008. pg. 1‚ 7 pgs Abstract (Summary) [...] the government is concerned enough about the growth outlook and the turn of global events to announce a range of fiscal boosts -from tax cuts to yet more infrastructure spending. * Although the prospects for export growth have worsened‚ the trade surplus may end up higher than previously expected due to the sharp fall in imports growth‚ which is partly linked to the decline in oil and other commodity prices. » Jump to
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limited on money‚ it can be very stressful. The price of food affects the government. Products are produced and sold within our country; this affects GDP‚ real GDP‚ and nominal GDP. This is precisely relevant to buyers spending and during periods of recession‚ buyers ease up on spending and decide to save. Once consumers venture into savings mode‚ all business will be effected because production is down and this could cause layoffs. Purchasing food affects homes due to the fact that a lot of people
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retired workers. c. The groceries that a U.S. postal worker buys at the store. d. All of the above. e. None of the above. 13. Suppose that‚ in a given year‚ consumption spending is $5 trillion‚ exports are $3.2 trillion‚ imports are $4 trillion‚ government transfer payments to households are $2 trillion‚ business spending on plant and equipment is $1 trillion‚ new housing construction is $0.5 trillion‚ government purchases of goods and services are $3 trillion‚ taxes are $3.5 trillion‚ and inventories
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reduce government spendings. Government spendings‚ are the spending that the government make with the tax revenues‚ and they add to the gross domestic product. An automatic stabilizer that will lower gross domestic product is welfare. As income rises‚ there are less people who need welfare‚ therefore reducing the amount of government spending‚ and lowering the gross domestic product. Due to such automatic stabilizers as progressive tax rates and the decrease of government spending due to welfare
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