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Summary ECON 112 - Chapter 7: Fiscal Policy
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Sunday, November 7, 2021Chapter 7 : Fiscal Policy
ECON 112: Macroeconomic Theory
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, - 3 Budget philosophies:
+ Balanced budget fiscal policy
+ Countercyclical policy
+ A cyclically balanced budget policy
- Fiscal policy: government’s approach toward its own spending and taxation.
- Countercyclical fiscal policy: deliberate adjustments in the levels of government
spending and taxation in order to close recessionary or inflationary gaps.
- The largest source of revenue is personal income tax followed by EI premiums.
- Corporate income and other taxes are taxes on profits paid by companies and
non-resident.
- GST and excise taxes include the federal sales tax and excises taxes on gasoline,
alcohol, and cigarettes, plus tariff revenues on certain imports.
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