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Questions
Define the following term:
Fiscal deficit
Define fiscal policy.
Definition
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Solution
Fiscal deficit refers to the total amount of borrowing required by the government to finance its budget deficit, i.e., the excess of government expenditure over government revenue.
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Role of State in Economic Development
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RELATED QUESTIONS
Under ______ the rate of tax increases with rise in tax payer's income.
Instrument of monetary policy is:
Match the following and select the correct option:
| Column A | Column B | ||
| (i) | Taxes imposed on income and wealth | A. | Regressive |
| (ii) | Taxes imposed on goods and services | B. | Progressive |
| (iii) | A tax system where the rate of tax decreases with increase income | C. | Direct taxes |
| (iv) | A tax system where the rate of tax increases as income increase | D. | Indirect taxes |
The major objective of monetary policy is ______.
Differentiate between direct and indirect taxes.
Define a degressive tax.
What are progressive taxes.
Give one example of progressive tax.
Differentiate between progressive and regressive taxes giving an example for each.
Explain how indirect taxes can be made progressive.
