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Summary ECON 112 - Chapter 7: Fiscal Policy $7.48
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Summary ECON 112 - Chapter 7: Fiscal Policy

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summary of chapter 7 from Connect, with practices questions and answer

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  • November 15, 2021
  • 22
  • 2021/2022
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Sunday, November 7, 2021



Chapter 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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