What are the major functions of a government budget? Discuss “revenue” and “development” budgets mentioning the sources of finance of these two. Give a critical analysis of our budget of financial year 2020-21.

What are the major functions of a government budget? Discuss “revenue” and “development” budgets mentioning the sources of finance of these two. Give a critical analysis of our budget of financial year 2020-21.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter16: Government Spends, Collects, And Owes

Section: Chapter Questions

Problem 3AA

See similar textbooks

Related questions

Q: Question: State the macroeconomic effects of budget deficit

A: Macroeconomy is that part of economics that deals with the economy as a whole. It covers the…

Q: Explain how an increase in government spending may decrease private investment (crowding-out…

A: When government raises its expenditure on investment, it leads to a rise in the aggregate demand in…

Q: 70 460 480 500 520 540 560 580 600 Real GDP a. If potential GDP (LAS) IS $580, and the economy is…

A: Recessionary gap exits when the aggregate expenditure is less than the real output at full…

Q: Calculate the value of Fiscal deficit if total expenditure is $5000 million , revenue receipts is…

A: The given information is as follows:- Total expenditure of the government = $5000 Revenue receipts…

Q: Explain the role of the Presidency and the Congress in the budget proces

A: A budget process refers to the mechanism by which a budget is generated and approved by government.

Q: budgetary deficit is 20 billion and borrowings and other liabilities are 30 billion what is the…

A: A fiscal deficit is a gap between government income and expenditure, fiscal deficits occur when the…

Q: increased by $5 billion, $6 billion in bondS were sold to the public, an unused military base was…

A: We know that Budget Surplus = Total Expenditure < Total Receipts…

Q: A government starts off with a total debt of $3.5 billion. In year one, the government runs a…

A: Given that the government starts off with a total debt of $3.5. next year, the government faces…

Q: 1. When the federal government spends more than it takes in via taxes, it runs a fiscal deficit. A…

A: A budget basically refers to a financial plan that covers a certain time period, generally a year.It…

Q: In a government budget the total expenditure is $64,000 billion and a total receipt excluding the…

Q: The difference between the gross public debt and the net public debt is that the a. gross public…

A: Public debt: - Public debt is that situation in which government expenditure exceeds government…

Q: Assumed that the governemnt maintained a balance budget initially.However, the financial secretary…

A: Equilibrium is at such an interest rate where loanable funds supplied is equal to the quantity of…

Q: Explain 2 alternative methods that you can think of to raise government finance other than borrowing…

A: Government expenditure is the amount that the country's government spends for the development of the…

Q: the governament budget constrant: deficits,debts,spending and taxes kindly explain them

A: Meaning of Government Budget: The term government budget refers to a budget statement under which…

Q: he Effects of Fiscal Deficits on an Economy.

A: Fiscal deficits are unfavourable balances that develop whenever a government spends more within a…

Q: If you were given the chance to create or amend the 2021 National Budget Plan, What executive…

A: If I was given the chance to create or amend the 2021 National Budget Plan, department of health…

Q: Government spending in Robok is $150 billion, and its only tax is an income tax with a marginal tax…

A: Government spending= $150 billion Marginal tax rate= 0.3 Government budget= $440

Q: 2. What is the largest component of the federal budget? A) Entitlements C) Defense B) Net interest

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 4. What is a government budget deficit? How does it affect interest rate, investment, and economic…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Plesae explain briefing how fiscal policy works, what are spending multipliers, when is the spending…

A: How fiscal policy works The use of taxation and government spending to impact the economy is…

Q: (Net Public Debt) What’s the level of net public debt (for federal, state, and local governments)…

A: Net public debt is defined as the total or net accumulation of the annual budget deficit.

Q: A timely topic considering the impact of the pandemic crisis. Government at all levels must submit…

A: A government budget is prepared by the government to present the expected revenue and spending of…

Q: 1. The existence of budget deficits must mean that the government is conducting an expansionary…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Given the fiscal deficit of the government to be $47,000 and the total receipts of government…

A: The data presented in the question above is:- Fiscal deficit of government = $47,000 Total receipts…

Q: Define government budget in not more than 3 lines

A: As to run a family, households have proper budgets for their expenses and income similarly to run…

Q: Do you agree or disagree with this statement: “It isin the best interest of our economy for Congress…

A: Introduction: A budget is one within which total projected financial gain matches the entire planned…

Q: What are the implications of fiscal administration in the economy? Cite at least three significance.

A: Fiscal administration: Fiscal administration is the process of administrating the fiscal policy…

Q: 1. It refers to the revenue and expenditure measures of the public budget

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: 1. Define a progressive income tax system.

A: since you have asked multiple questions and according to our policy we can only solve the first part…

Q: What is the value of interest payments of goverment when primary deficit is $51,000 and fiscal…

A: The data presented in the question above is:- Primary deficit of government = $51,000 Fiscal deficit…

Q: A government starts with a national debt of $3.5 billion. In year 1, the government runs a budget…

A: When government spending is more than government revenue, it is known as budget deficit. When…

Q: Fiscal policies are concerned with the revenues, expenditures and borrowings as instruments in…

A: Answer-

Q: xplain the five problems and criticisms that arise in the implementation of fiscal policy.

A: Fiscal policy is the policy that is adopted by the government to bring economic stability in the…

Q: If government procurement officials are stewards of public funds, how can the public ensure that…

A: ANSWER

Q: In 2050, the government has collected $9,409 billion in revenues from taxes but has spent $10,985…

A: When revenue surpasses spending, there is a budget surplus. Since people have "savings" rather than…

Q: Why is it important to budget? (Note: You may discuss it in personal level to government level)

A: Budget refers to the estimation of income/revenues and expenses by an individual or government for a…

Q: When the government spends more than it takes in taxes it must borrow money to finance its…

A: When the state spends more than tax collection, the budget is said to be in deficit. When the state…

Q: Discuss the public budget decision making process from the preparation phase and its products to…

A: The government budget is a yearly fiscal statement reflecting a financial year's expenditure and…

Q: Describe how a budget deficit arises and explain the corresponding action typically taken by a…

Q: why did greece have a debt crisis in 2010 - 12 with public debt around 170% of GDP while Japan has…

A: The Greek government-debt crisis was the sovereign debt crisis looked by Greece in the repercussions…

Question

What are the major functions of a government budget? Discuss “revenue” and
“development” budgets mentioning the sources of finance of these two. Give a
critical analysis of our budget of financial year 2020-21.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

Step 2

Step 3

Step 4

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Discuss the important features of the public budget and the relationshipbetween revenues and expenditures.
Discuss the public budget decision making process from the preparation phase and its products to final adoption. (1) What information is contained in the budget? (2) What are the respective roles of line agencies, the central budget office, the chief executive and the legislative body?
From the following data about a Government budget, find out (a) Revenue deficit, (b) Fiscal deficit, and (c) Primary deficit: Items (Rs. in crore) (i) Capital receipts net of borrowings 95 (ii) Revenue expenditure 100 (iii) Interest payments 10 (iv) Revenue receipts 80 (v) Capital expenditure 110
Discuss the federal budget of the U.S government. should it always be balanced? when is the most appropriate time economically speaking for the federal budget be in a deficit? as a borrower how is the federal government different from the average U.S adult?
If government procurement officials are stewards of public funds, how can the publicensure that this money is being spent correctly? What checks and balances come to yourmind when it comes to deciding how and where to spend a ministry’s budget?
If the total budget expenditure is 6321 billion And the total budget receipts are 2891 billion calculate the budgetary deficit?
Question Answer these questions for the city of Glendale, California for their current budget. FY 2017-2018 Adopted budgethttp://www.glendaleca.gov/government/departments/finance/budget/budget-documents When does the budgeting process start and end for the current year? Which actor(s) starts the budget process? When does the fiscal year start and end? Are there instructions provided to agencies on how to prepare budget requests? Are those instructions detailed? What are the sources of revenue? Try to identify as many as you can.
What is role of the private sector in helping the Filipino government ease its fiscal pressure?
Briefly explain the FOUR stages of Budget cycle of the Union Government, with focus on the role of the Parliament in context of the Union Budget in India?
Define government budget in not more than 3 lines
Question Please select the correct term for each statement below. National savings, budget deficit, capital, inflow, budget, surplus, and budget balance a. the difference between the amount the government collects and how much it spend. b. when government savigns are combined with all of the privately-held savings from across the country. c. the result when the government spends more money than it takes in through taxes. d. the net amount of funds coming into a country. e. when the government spends less money than it takes in through taxes.
How does the typical state budget process work, and what are the various actors involved in that process? What are the main characteristics of a sustainable budget? What are the main sources of revenues for states and local governments? Is it possible to balance the demands for government services with existing revenue sources? What have been the various approaches advocated to reform budgeting processes at the state and local levels? What are the five key areas of future state and local budget needs? Which one do you think is the most critical and why? Explain. assignment #10 be sure to cite your source(s) using APA Style