Chapter 31

Question 1

Economic policies

Answer 1

Are the goals to be achieved by governments and the methods they will use to achieve them

Question 2

Fiscal policy

Answer 2

a government can influence an economy through the use of government income and expenditure

Question 3

Government current income

Answer 3

Is money that the government receives regularly

Question 4

Government capital income

Answer 4

Is money the government receives ocaissionally or 1 time

Question 5

Black market

Answer 5

Illegally buying and selling goods and services with out paying tax

Question 6

Government current expenditure

Answer 6

Is money that the government spends regularly

Question 7

Government capital expenditure

Answer 7

Refers to one’s off or occasional government payments

Question 8

National budget

Answer 8

Shoes the governments planned income and expenditure for the year

Question 9

Debt servicing

Answer 9

Refers to the repayment of interest and principal of the government debts

Question 10

A balanced budget

Answer 10

Is where planned income and planned expenditure are the same

Question 11

A budget deficit

Answer 11

Is where planned expenditure is greater than planned income

Question 12

A budget surplus

Answer 12

Is where planned income is greater than planned expenditure

Question 13

National debt

Answer 13

Refers to the total amount of money which a country’s government owes in borrowing

Question 14

Monetary policy

Answer 14

Aims to control the supply of money in the economy through the pro timing of money and setting interest rates

Question 15

The central bank of Ireland

Answer 15

Is responsible for the implementation of European Central Bank policy of Ireland and fro regulating the Irish financial system

Question 16

Government regulations

Answer 16

The rules or laws the government puts in place to control a specific market or population

Question 17

Deregulation

Answer 17

Involves the removal of laws in specific markets