ECON: MACRO4 (with CourseMate, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
4th Edition
ISBN: 9781285423623
Author: William A. McEachern
Publisher: Cengage Learning
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Chapter 12, Problem 1.2PA
To determine
Budgets requirement of forecast of the economy and circumstances of failure to match the actual government spending and tax revenue with the approved budget.
Concept Introduction: Budget
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Why does the budget require a forecast of the economy? Under what circumstances would actual government spending and tax revenue fall to match the budget as approved?
Why does the budget require a forecast of the economy? Under what circumstances would actual government spending and tax revenue fail to match the budget as approved?
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Why are budget cuts a good thing?
Chapter 12 Solutions
ECON: MACRO4 (with CourseMate, 1 term (6 months) Printed Access Card) (New, Engaging Titles from 4LTR Press)
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- Which economic policies affect a government's budget and include the increase or decrease the money supply?arrow_forwardPresident Biden proposed increasing the corporate tax rate from 21% to 28%. However, this reform has been hard to pass in the Senate. Imagine he asks you to predict revenue changes as a result of a lower increase in the corporate tax (from 21% to 24%). What kind of basic information would you need to make such predictions?arrow_forwardIf government increases spending and wants to maintain a balanced budget, it shouldarrow_forward
- A constitutional amendment has been proposed that would require Congress to balance the budget each year. Is it possible to balance the budget every year? Is it desirable?arrow_forwardDuring the past five decades, there has been a shift in the composition of the federal budget toward more spending on income transfers and health care and a smaller share for national defense. Does economics indicate that this change will help Americans achieve higher living standards?arrow_forwardWhat should government do with its spending and taxes during a recession? Why?arrow_forward
- If I budgeted $1000 for my expenses this month, but then spent $1500, in order to be fiscally responsible, what do I need to do now?arrow_forwardMention a type of fiscal policy or monetary policy that is currently being implemented. Then discuss how government spending, taxes, or interest rates are being changed.arrow_forwardWhen President Obama was elected, the U.S. economy had slid into a recession. Consumer spending was low and getting worse. In an effort to stop the decline, President Obama proposed an economic stimulus package that included government spending on roads, bridges, and schools, among other things, and a tax cut that each U.S. worker would see in her or his paycheck. Apparently, President Obama was a proponent ofarrow_forward
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