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Summary EKN 120 - Chapter 17 - 21 $3.26   Add to cart

Summary

Summary EKN 120 - Chapter 17 - 21

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EKN 120 notes for Semester test Includes: Chapter 17 - Aggregate Demand and Aggregate Supply Chapter 18 - Introduction to Economic Growth, Unemployment and Inflation Chapter 19 - Government and Market Failure Chapter 20 - Fiscal Policy, Deficits, and Debt Chapter 21 - Public Choice Theory and the E...

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  • Chapter 17-21
  • October 3, 2019
  • 14
  • 2019/2020
  • Summary

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Available practice questions

Flashcards 19 Flashcards
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Some examples from this set of practice questions

1.

South African Taxes

Answer: Personal Income Tax Corporate Income Tax Sales and Excise Tax

2.

Apportioning the tax burden - BENEFITS RECEIVED PRINCIPLE

Answer: Households and businesses should purchase goods of the gov in same way they buy other commodities. Those who benefit most from gov goods = should pay the necessary taxes to finance them.

3.

Apportioning the tax burden - ABILITY TO PAY PRINCIPLE

Answer: Tax burden should be apportioned according to tax payers income/wealth. Large incomes = pay more taxes than those with a lower income

4.

Apportioning the tax burden (3)

Answer: 1.Ability to pay principle 2. Benefits received principle 3. Tax progressivity

5.

Apportioning the tax burden - TAX PROGRESSIVITY (3)

Answer: 1. PROGRESSIVE - ave rate increases as income increases 2. REGRESSIVE - ave rate declines as income increases 3. PROPORTIONAL - ave rate stays the same regardless of income size PRP PRP PRP PRP

6.

Application of APPORTIONING THE TAX BURDEN (4)

Answer: Personal income tax Value-added TAX Company income taxes Property tax 2PVC 2PVC 2PVC 2PVC

7.

Taxes that are levied in SA?

Answer: Capital gains VAT customs duty environmental tax fuel levy provisional tax

8.

Public Choice Theory

Answer: The economic analysis of government decision making, politics and elections. Demonstrates that majority voting can produce inefficiencies and inconsistencies.

9.

Inefficiency voting outcomes

Answer: Majority voting can produce inefficient decisions. (a) Majority voting leads to rejection of a public good that would entail a greater total benefit than total cost. (b) Majority voting results in acceptance of a public good that has a higher total cost than total benefit.

10.

Interest groups

Answer: Those who have a strong preference for a public good may band together into interest groups and use advertisements, mailings and direct persuasion to convince others of the merits of that public good.

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