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ECON 1010 (256)
Chapter 29

Chapter 29 - Fiscal Policy.docx

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ECON 1010
Steven Edwards

Chapter 29 – FISCAL POLICY The annual statement of the outlays and revenues of the government of Canada, together with the laws and regulations that approve and support those outlays and revenues, make up the federal budget. Provincial budget is an annual statement of the revenues and outlays of a provincial government. Fiscal policy is the use of the federal budget to achieve macroeconomic objectives such as full employment, sustained long term economic growth and price level stability. Three main items in federal budget: Revenues – receipts come from four sources: personal income tax, corporate income tax, indirect tax, investment income. Outlays – transfer payments, expenditures on goods/services, debt interest. Budget Balance = revenue – outlays. If revenue exceed outlay, there is budget surplus If outlays exceed revenue, there is budget deficit. ‘’’’ balanced budget Government debt is the total amount of government borrowing. Deficits minus sum of past surpls. Tax wedge is the gap created betwee
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