Laffer Curveand its association to supply side economics
Describe the Laffer Curve and how does it associate to supply side economics?
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Economist Arthur Laffer observed that tax revenues would clearly be zero while the tax rate was either at 0% or 100%. Among these two extremes ought to be an optimal rate where aggregate output & income created the maximum tax revenues.
What happens while a bank charges discount interest on a loan? While a bank charges discount interest on a loan the required interest payment is subtracted through the loan proceeds at the time the loan is made. It makes the effective interest
Governmental Cost Funds: For lawful basis accounting and budgeting aims, funds which derive revenue from the taxes, licenses, and fees.
Legislative Information System (LIS): An on-line system formed and employed by the Department of Finance to maintain existing information regarding all bills introduced in the Assembly and Senate for the current 2-year session, and fo
Describe the risk-return relationship.The relationship among risk and required rate of return is term as the risk–return relationship. This is a positive relationship since the more risk assumed, the higher the required rate of retur
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What do you mean by Without Regard To Fiscal Year (WRTFY): Where an appropriation has no period of restriction on its accessibility.
Shared Revenue: It is a state-imposed tax, like the gasoline tax, that is shared with the local governments in proportion, or significantly in proportion, to the amount of tax collected or generated in each local unit. The tax might be collected eithe
Legislative Analyst’s Office (LAO): A non-partisan organization which gives advice to the Legislature on the fiscal and policy matters. For illustration, the LAO annually publishes a full analysis of the Governor's Budget and this document becom
Revolving Fund: Usually refers to a cash account termed as an office revolving fund (ORF). This is not a fund however an advance from an appropriation. The agencies might use the cash advance to pay out ORF checks for instant requirements, as specifie
3-year Expenditures and Positions: The display at the beginning of each departmental budget which presents the different departmental programs by title, dollar totals, places, and source of funds for the past, current, and budget years.
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