Chapter 3: Government, the Economy, and Economic Development
- What is the economic policy of the federal, state, and local governments in the United States?
- What are the main tools used to influence macroeconomic policy
- What are the effects of deficits/surpluses on the U.S. economy?
- What is the significance of Revenues = Expenditures?
- What have been the responses of fiscal and monetary policy to the current pandemic in the United States and the USVI?
Define the following
- -Full employment
- -Stable prices
- -Balance in the flow of funds into and out of the economy
- -Fiscal policy
- -Monetary policy
- -President of the U.S
- -Governor of the USVI
Chapter 4: Budget Cycle
- What are the four (4) phases of the budget cycle?
- What is the role of the executive and legislative branches of government in each phase of the budget cycle?
- Line-item veto power
Chapters 5 and 6: Budgeting for Revenues
- What are the major revenue sources used by federal, state, and local governments in the United States and the USVI?
- How do you determine whether a tax is progressive, proportional or regressive?
- What factors are considered before a tax is enacted by a legislative body?
- Discuss the revenue sources that are transaction-based? What do these revenue sources have in common?