CHAPTER 14 TEXTBOOK CARDS

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4 Main objectives of the UK Tax System?
1.Funding government spending 2.Managing the economy as a whole 3.Redistribution of income 4.Correcting market failure
1 of 15
4 examples of direct taxes?
1.Income 2.Inheritance 3.Capital Gains 4.Corporation
2 of 15
2 examples of indirect taxes?
1.VAT 2.Excise duties
3 of 15
6 principles of taxation?
1.Economical 2.Equitable 3.Convenient 4.Certain 5.Efficient 6.Flexible
4 of 15
5 arguements for indirect taxation?
1.Influencing spending patterns 2.Correcting externalities 3.Incentive Effects 4.Flexibility 5.Choice
5 of 15
4 arguements against taxation?
1.Distributional effects 2.Inflationary effects 3.Crime 4.Lack of announcement effect
6 of 15
3 types of government expenditure?
1.Capital 2.Current 3.Transfer payments
7 of 15
Balance, deficit and surplus budgets?
G=T (balanced) G>T (deficit) G
8 of 15
3 problems of a budget deficit?
1.Financing deficit 2.Growing national debt 3.Fiscal 'crowding out'
9 of 15
3 microeconomic effects of fiscal policy?
1.Incentives to work 2.Patterns of demand 3.Business Investment
10 of 15
Discretionary/Active fiscal policy?
Deliberate manipulation of givernment spending and taxes to influence the economy. EG. Government cutting income tax rates
11 of 15
2 limitations of fiscal policy?
1.Time lags involved 2.Crowding out the private sector
12 of 15
2 divisions of supply side policies?
1.Labour market measures 2.Product market measures
13 of 15
4 labour market measures?
1.Lower rates of income tax 2.Reducing state welfare benefits and 'welfare to work' 3.Education and training 4.Trade union reforms
14 of 15
5 product market measures?
1.Deregulation 2.Private ownership of former public owned organisations 3.Tougher competition policy 4.Capital spending 5.Low corporation tax
15 of 15

Other cards in this set

Card 2

Front

4 examples of direct taxes?

Back

1.Income 2.Inheritance 3.Capital Gains 4.Corporation

Card 3

Front

2 examples of indirect taxes?

Back

Preview of the front of card 3

Card 4

Front

6 principles of taxation?

Back

Preview of the front of card 4

Card 5

Front

5 arguements for indirect taxation?

Back

Preview of the front of card 5
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