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on goods and services. A tax assessed on income, profit or wealth is a direct tax."},{"text":"Progressive tax.","correct":false,"explanation":"Progressive describes how the tax rate rises as income increases, not whether the tax is based on income, profit or wealth. The required classification is direct tax."},{"text":"Regressive tax.","correct":false,"explanation":"Regressive describes a tax taking a greater proportion of lower incomes, not its tax base. Taxes based on income, profit or wealth are direct taxes."}]},{"id":"5dddaccc-0139-4528-ba66-c962170c2b4c","cardType":"basic","points":1,"front":"A tax paid when goods or services are bought is which tax type?","back":"Indirect tax.","mcqOptions":[{"text":"Indirect tax.","correct":true,"explanation":"Taxes collected when consumers purchase goods or services are indirect taxes, as sellers usually collect the tax before passing it to the government."},{"text":"Direct tax.","correct":false,"explanation":"Direct taxes are charged on income, profits or wealth rather than purchases. A tax paid when goods or services are bought is an indirect tax."},{"text":"Progressive tax.","correct":false,"explanation":"Progressive refers to a tax rate that rises with income and does not describe taxation through purchases. Taxes on bought goods and services are indirect taxes."},{"text":"Proportional tax.","correct":false,"explanation":"Proportional means the same tax rate applies at every income level. A tax collected when goods or services are purchased is instead an indirect tax."}]},{"id":"ededa30a-7c52-454d-983e-f205f10837c2","cardType":"basic","points":1,"front":"If government revenue equals government spending, what is the budget position?","back":"Balanced government budget.","mcqOptions":[{"text":"Balanced government budget.","correct":true,"explanation":"A balanced government budget occurs when government revenue exactly matches government spending, so there is neither a deficit nor a surplus."},{"text":"Budget surplus.","correct":false,"explanation":"A surplus occurs only when government revenue exceeds government spending. When the two amounts are equal, the government has a balanced government budget."},{"text":"Budget deficit.","correct":false,"explanation":"A deficit occurs only when government spending exceeds its revenue. Equal revenue and spending produce a balanced government budget instead."},{"text":"National debt.","correct":false,"explanation":"National debt is the government’s accumulated borrowing over time, not its annual budget position. Equal annual revenue and spending create a balanced government budget."}]},{"id":"2120d96b-a11c-4bc2-9364-d04dd522e979","cardType":"basic","points":1,"front":"If government revenue is greater than government spending, what is the budget position?","back":"Budget surplus.","mcqOptions":[{"text":"Budget surplus.","correct":true,"explanation":"When government revenue is greater than government spending, money remains after expenditure has been covered, creating a budget surplus."},{"text":"Balanced government budget.","correct":false,"explanation":"A balanced budget requires government revenue and spending to be equal. Revenue exceeding spending instead creates a budget surplus."},{"text":"Budget deficit.","correct":false,"explanation":"A deficit occurs when government spending is greater than revenue, reversing the relationship given. Higher revenue than spending creates a budget surplus."},{"text":"National debt.","correct":false,"explanation":"National debt is accumulated government borrowing rather than the current budget position. When annual revenue exceeds spending, the position is a budget surplus."}]},{"id":"ef8e5837-c241-423c-81b4-45d987660a6c","cardType":"basic","points":1,"front":"If government spending is greater than revenue, what is the budget position?","back":"Budget deficit.","mcqOptions":[{"text":"Budget deficit.","correct":true,"explanation":"A budget deficit occurs when the government spends more during a period than it receives in revenue, leaving a gap that usually requires borrowing."},{"text":"Budget surplus.","correct":false,"explanation":"A surplus requires government revenue to exceed government spending, which reverses the stated relationship. Greater spending than revenue creates a budget deficit."},{"text":"Balanced government budget.","correct":false,"explanation":"A balanced budget requires spending and revenue to be equal. When government spending is greater than revenue, the government has a budget deficit."},{"text":"National debt.","correct":false,"explanation":"National debt is the total borrowing accumulated across many years, not one year’s budget position. Excess annual spending over revenue creates a budget deficit."}]},{"id":"12bda808-ef45-41aa-a72b-f26d4147ce3b","cardType":"cloze","points":null,"front":"A [ ] is the yearly gap between spending and revenue; [ ] is total accumulated borrowing.","back":"A budget deficit is the yearly gap between spending and revenue; national debt is total accumulated borrowing.","mcqOptions":[{"text":"A budget deficit is the yearly gap between spending and revenue; national debt is total accumulated borrowing.","correct":true,"explanation":"A budget deficit measures the shortfall within a particular year, while national debt is the total stock of government borrowing accumulated over time."},{"text":"A budget surplus is the yearly gap between spending and revenue; national debt is total accumulated borrowing.","correct":false,"explanation":"A surplus means revenue exceeds spending, so it cannot describe an annual shortfall. The yearly gap is a budget deficit, while accumulated borrowing is national debt."},{"text":"A budget deficit is the yearly gap between spending and revenue; budget surplus is total accumulated borrowing.","correct":false,"explanation":"The first term correctly identifies the annual shortfall, but accumulated borrowing is not a surplus. It is national debt, built up from borrowing over time."},{"text":"A national debt is the yearly gap between spending and revenue; budget deficit is total accumulated borrowing.","correct":false,"explanation":"National debt is a cumulative stock, not the gap for a single year, while a deficit is not total accumulated borrowing. The terms must appear in the opposite positions."}]},{"id":"9bd11f61-ffa9-4bcd-9711-42dfb6c7ef54","cardType":"basic","points":1,"front":"Government revenue is £870 billion and spending is £920 billion. What is the budget deficit?","back":"£50 billion.","mcqOptions":[{"text":"£50 billion.","correct":true,"explanation":"The deficit is calculated by subtracting revenue from spending: £920 billion minus £870 billion equals £50 billion."},{"text":"£1,790 billion.","correct":false,"explanation":"This results from adding £870 billion and £920 billion instead of finding their difference. The deficit is £920 billion minus £870 billion, which equals £50 billion."},{"text":"£40 billion.","correct":false,"explanation":"This understates the gap by £10 billion, as if spending were £910 billion. Using the stated £920 billion gives a deficit of £50 billion."},{"text":"£60 billion.","correct":false,"explanation":"This overstates the gap by £10 billion, as if spending were £930 billion. Subtracting the actual £870 billion revenue from £920 billion spending gives £50 billion."}]},{"id":"bccd991d-5779-4c28-b736-9a947f723963","cardType":"cloze","points":null,"front":"Fiscal policy is the government’s use of [ ], [ ] to influence the economy.","back":"Fiscal policy is the government’s use of taxation, government spending and borrowing to influence the economy.","mcqOptions":[{"text":"Fiscal policy is the government’s use of taxation, government spending and borrowing to influence the economy.","correct":true,"explanation":"Fiscal policy involves changing taxation, government spending and government borrowing to influence aggregate demand, economic growth, employment and other economic objectives."},{"text":"Fiscal policy is the government’s use of interest rates, government spending and borrowing to influence the economy.","correct":false,"explanation":"Interest rates are primarily an instrument of monetary policy rather than fiscal policy. Fiscal policy uses taxation together with government spending and borrowing."},{"text":"Fiscal policy is the government’s use of taxation, interest rates and money supply to influence the economy.","correct":false,"explanation":"Taxation belongs to fiscal policy, but interest rates and the money supply are monetary policy instruments. The second element should be government spending and borrowing."},{"text":"Fiscal policy is the government’s use of exchange rates, interest rates and money supply to influence the economy.","correct":false,"explanation":"Exchange rates, interest rates and the money supply are associated with monetary or exchange-rate policy. Fiscal policy instead uses taxation, government spending and borrowing."}]},{"id":"53ba993d-87b6-40b7-9cad-c58e4e944205","cardType":"cloze","points":null,"front":"Expansionary fiscal policy means [ ] and/or [ ] to increase overall spending.","back":"Expansionary fiscal policy means increasing government spending and/or cutting taxes to increase overall spending.","mcqOptions":[{"text":"Expansionary fiscal policy means increasing government spending and/or cutting taxes to increase overall spending.","correct":true,"explanation":"Higher government spending directly raises aggregate demand, while tax cuts increase disposable income and consumption. Both measures are therefore used to increase overall spending during weak economic activity."},{"text":"Expansionary fiscal policy means cutting government spending and/or cutting taxes to increase overall spending.","correct":false,"explanation":"Cutting government spending offsets the expansionary effect of lower taxes by reducing demand directly. Expansionary policy combines increasing government spending and/or cutting taxes to raise overall spending."},{"text":"Expansionary fiscal policy means increasing government spending and/or increasing taxes to increase overall spending.","correct":false,"explanation":"Increasing taxes reduces households’ disposable income and tends to lower consumption, rather than expand demand. Expansionary policy involves increasing government spending and/or cutting taxes."},{"text":"Expansionary fiscal policy means cutting government spending and/or increasing taxes to increase overall spending.","correct":false,"explanation":"These are contractionary measures because both reduce aggregate demand. Expansionary fiscal policy instead means increasing government spending and/or cutting taxes to encourage greater overall spending."}]},{"id":"9db0985b-71c8-43bd-9cc5-d2265ae27a28","cardType":"cloze","points":null,"front":"Contractionary fiscal policy means [ ] and/or [ ] to reduce overall spending.","back":"Contractionary fiscal policy means cutting government spending and/or increasing taxes to reduce overall spending.","mcqOptions":[{"text":"Contractionary fiscal policy means cutting government spending and/or increasing taxes to reduce overall spending.","correct":true,"explanation":"Lower government spending directly reduces aggregate demand, while higher taxes reduce disposable income and consumption. Both measures can therefore reduce overall spending and inflationary pressure."},{"text":"Contractionary fiscal policy means increasing government spending and/or increasing taxes to reduce overall spending.","correct":false,"explanation":"Increasing government spending raises aggregate demand rather than reducing it. Contractionary policy uses cutting government spending and/or increasing taxes to lower overall spending."},{"text":"Contractionary fiscal policy means cutting government spending and/or cutting taxes to reduce overall spending.","correct":false,"explanation":"Cutting taxes raises disposable income and can increase consumption, so it is expansionary rather than contractionary. Contractionary policy involves cutting government spending and/or increasing taxes."},{"text":"Contractionary fiscal policy means increasing government spending and/or cutting taxes to reduce overall spending.","correct":false,"explanation":"Both measures increase aggregate demand, making this expansionary policy. Contractionary fiscal policy instead means cutting government spending and/or increasing taxes to reduce overall spending."}]},{"id":"db3dca1a-a03a-47a8-9fc1-5f1c1331cbe2","cardType":"basic","points":1,"front":"GDP growth is weak and the Claimant Count is rising. Which fiscal policy is suggested by the notes?","back":"Expansionary fiscal policy.","mcqOptions":[{"text":"Expansionary fiscal policy.","correct":true,"explanation":"Weak GDP growth and a rising Claimant Count indicate low demand and increasing unemployment. Expansionary fiscal policy can raise aggregate demand, output and employment."},{"text":"Contractionary fiscal policy.","correct":false,"explanation":"Contractionary fiscal policy reduces aggregate demand and may weaken growth and employment further. Weak GDP growth and rising unemployment instead suggest expansionary fiscal policy."},{"text":"Balanced fiscal policy.","correct":false,"explanation":"A balanced fiscal policy would not provide the stimulus suggested by weak growth and rising unemployment. Expansionary fiscal policy is used to increase aggregate demand."},{"text":"Contractionary monetary policy.","correct":false,"explanation":"Monetary policy concerns interest rates and the money supply, whereas the question asks for a fiscal response. The appropriate fiscal response is expansionary fiscal policy."}]},{"id":"27bf0745-576b-43e5-a6c2-4ad8d2cb4e46","cardType":"basic","points":2,"front":"Why can higher Income Tax reduce consumer spending?","back":"Workers’ disposable income falls.","mcqOptions":[{"text":"Workers’ disposable income falls.","correct":true,"explanation":"Income Tax is deducted from workers’ earnings, so a rise leaves them with less disposable income. They consequently have less money available for consumption."},{"text":"Workers’ cost of living falls.","correct":false,"explanation":"Higher Income Tax does not directly reduce the prices consumers pay. It lowers workers’ disposable income, leaving them with less money to spend."},{"text":"Workers’ productivity falls.","correct":false,"explanation":"Higher Income Tax may affect incentives, but greater productivity would not explain lower consumption. Consumer spending falls because workers’ disposable income is reduced."},{"text":"Workers’ saving rate falls.","correct":false,"explanation":"A fall in workers’ saving would leave more, not less, income available for consumption. Higher Income Tax reduces spending by lowering disposable income."}]},{"id":"f35c91ac-a011-4360-aac1-dcde6f7a4549","cardType":"basic","points":1,"front":"On a demand and supply diagram, which way does an indirect tax shift supply?","back":"Up/left.","mcqOptions":[{"text":"Up/left.","correct":true,"explanation":"An indirect tax increases firms’ costs at every quantity supplied. The supply curve therefore shifts vertically upwards, which is also described as a shift to the left."},{"text":"Down/right.","correct":false,"explanation":"A down/right supply shift represents lower production costs or a subsidy. An indirect tax raises firms’ costs, so supply shifts up/left instead."},{"text":"Down/left.","correct":false,"explanation":"A down/left movement is not the standard parallel supply shift caused by a tax. Higher per-unit costs shift the supply curve up/left."},{"text":"Up/right.","correct":false,"explanation":"An up/right shift combines conflicting directional descriptions for a standard supply curve. An indirect tax raises costs and shifts supply up/left."}]},{"id":"6eb49142-3c97-4b89-aade-f311d613c95f","cardType":"cloze","points":null,"front":"After an indirect tax, market price usually [ ] and quantity traded usually [ ].","back":"After an indirect tax, market price usually rises and quantity traded usually falls.","mcqOptions":[{"text":"After an indirect tax, market price usually rises and quantity traded usually falls.","correct":true,"explanation":"An indirect tax raises firms’ costs, shifting supply up or left. The new market equilibrium normally has a higher price and a lower quantity traded."},{"text":"After an indirect tax, market price usually falls and quantity traded usually rises.","correct":false,"explanation":"A lower price and higher quantity are typical effects of a subsidy, not a tax. An indirect tax usually causes market price to rise and quantity traded to fall."},{"text":"After an indirect tax, market price usually rises and quantity traded usually rises.","correct":false,"explanation":"Although the tax usually raises market price, the higher price reduces quantity demanded rather than increasing trade. Quantity traded therefore normally falls."},{"text":"After an indirect tax, market price usually falls and quantity traded usually falls.","correct":false,"explanation":"Quantity traded normally falls, but the supply shift raises rather than lowers the equilibrium price. Consumers usually pay a higher market price after an indirect tax."}]},{"id":"ffc7c17f-90f7-44e4-8480-7857b00616ef","cardType":"basic","points":1,"front":"What long-run effect can spending on education, training and infrastructure have?","back":"It can improve productivity.","mcqOptions":[{"text":"It can improve productivity.","correct":true,"explanation":"Education and training improve workers’ skills, while infrastructure makes production and transport more efficient. These supply-side improvements can raise productivity over the long run."},{"text":"It can improve inflation.","correct":false,"explanation":"Such investment is intended to increase productive potential, not permanently raise inflation. Education, training and infrastructure can improve productivity over the long run."},{"text":"It can improve unemployment.","correct":false,"explanation":"Higher unemployment is not the intended long-run supply-side effect and may be reduced as productive capacity expands. This spending can instead improve productivity."},{"text":"It can improve borrowing.","correct":false,"explanation":"Government borrowing may finance the spending, but it is not the long-run productive effect being identified. Education, training and infrastructure can improve productivity."}]},{"id":"69e53161-49cb-4833-8f85-7fad7cae0e04","cardType":"basic","points":1,"front":"If the government spends £10 billion on one policy, what is the opportunity cost?","back":"The next best alternative given up.","mcqOptions":[{"text":"The next best alternative given up.","correct":true,"explanation":"Resources are scarce, so choosing one policy prevents their use for another. Opportunity cost is the value of the next best alternative that is forgone."},{"text":"The £10 billion expenditure given up.","correct":false,"explanation":"The £10 billion is the financial cost of the chosen policy, not its opportunity cost. Opportunity cost is the next best alternative given up."},{"text":"The total of all alternatives given up.","correct":false,"explanation":"Opportunity cost does not include every possible alternative because only the most valuable forgone choice is counted. It is the next best alternative given up."},{"text":"The benefit of this policy given up.","correct":false,"explanation":"The chosen policy is what receives the resources, so it is not the forgone benefit. Opportunity cost is the next best alternative that could have been selected."}]},{"id":"0e657b11-9ef4-44b2-884a-f4ff5bda0e12","cardType":"basic","points":1,"front":"Borrowing to fund budget deficits increases which future government cost?","back":"Debt interest payments.","mcqOptions":[{"text":"Debt interest payments.","correct":true,"explanation":"Government borrowing creates debt that must be serviced. Interest payments therefore become a future public spending commitment, even if the original deficit-funded spending has already occurred."},{"text":"Income tax receipts.","correct":false,"explanation":"Borrowing does not directly increase tax receipts; it creates liabilities. The future cost is interest paid to lenders on the accumulated government debt."},{"text":"Benefit payments.","correct":false,"explanation":"Deficit borrowing does not automatically raise welfare spending. The relevant future cost is interest on the debt used to finance the deficit."},{"text":"Public investment returns.","correct":false,"explanation":"Investment returns are potential benefits rather than a borrowing cost. Government borrowing increases future debt interest payments owed to lenders."}]},{"id":"03b55df3-52d7-438d-b02e-34057f5191ff","cardType":"basic","points":2,"front":"Why can extra government spending be risky when CPI inflation is already high?","back":"It may push prices up further if output cannot rise quickly.","mcqOptions":[{"text":"It may push prices up further if output cannot rise quickly.","correct":true,"explanation":"When inflation is already high, extra demand from government spending can exceed the economy’s short-run capacity, allowing firms to raise prices further."},{"text":"It may push unemployment up further if output cannot rise quickly.","correct":false,"explanation":"Extra demand usually supports employment rather than directly increasing unemployment. The risk in this situation is additional inflation because supply cannot respond quickly."},{"text":"It may push interest rates down further if output cannot rise quickly.","correct":false,"explanation":"High inflation and extra demand can encourage tighter monetary policy, making lower interest rates unlikely. The main risk is that prices rise further."},{"text":"It may push exports up further if output cannot rise quickly.","correct":false,"explanation":"Extra domestic spending does not necessarily increase exports, especially when supply is constrained. Stronger demand is more likely to create further upward pressure on prices."}]},{"id":"ab8cbb9c-9b42-4ef9-94be-a6ae797fada9","cardType":"cloze","points":null,"front":"[ ] is money received over a period; [ ] is a stock of assets at a point in time.","back":"Income is money received over a period; wealth is a stock of assets at a point in time.","mcqOptions":[{"text":"Income is money received over a period; wealth is a stock of assets at a point in time.","correct":true,"explanation":"Income is a flow measured over time, such as annual earnings. Wealth is a stock measured at a particular point, including accumulated assets minus liabilities."},{"text":"Wealth is money received over a period; income is a stock of assets at a point in time.","correct":false,"explanation":"This reverses the definitions. Income is money received over a period, whereas wealth is the value of assets held at a particular point in time."},{"text":"Spending is money received over a period; savings is a stock of assets at a point in time.","correct":false,"explanation":"Spending is money used to buy goods and services, not money received. The correct distinction is between income as a flow and wealth as a stock."},{"text":"Profit is money received over a period; capital is a stock of assets at a point in time.","correct":false,"explanation":"Profit is a business surplus rather than the general measure of money received, while capital is not the definition required here. Income is the flow and wealth is the stock."}]},{"id":"0516ffc0-a4bd-4bc5-8b0d-1c90ff42f204","cardType":"basic","points":1,"front":"What is the aim of redistribution?","back":"Make income and wealth more evenly shared.","mcqOptions":[{"text":"Make income and wealth more evenly shared.","correct":true,"explanation":"Redistribution aims to reduce inequality by making the distribution of both current income and accumulated wealth more even across households."},{"text":"Make income only more evenly shared.","correct":false,"explanation":"This excludes accumulated assets, which are an important source of inequality. Redistribution aims to make both income and wealth more evenly shared."},{"text":"Make wealth only more evenly shared.","correct":false,"explanation":"Redistribution also addresses differences in current earnings and other income. Focusing only on assets misses the aim of sharing income more evenly."},{"text":"Make income and wealth more unevenly shared.","correct":false,"explanation":"Making the distribution more uneven would increase inequality, which is the opposite of redistribution’s usual aim. Redistribution seeks a more even sharing of income and wealth."}]},{"id":"d076d393-444b-4722-8f89-59aa3595c88e","cardType":"cloze","points":null,"front":"Progressive taxes take a higher [ ] as income rises, raising the [ ].","back":"Progressive taxes take a higher percentage of income as income rises, raising the average tax rate.","mcqOptions":[{"text":"Progressive taxes take a higher percentage of income as income rises, raising the average tax rate.","correct":true,"explanation":"A progressive tax takes a larger proportion of income from higher earners. As income rises, the total tax divided by income therefore increases, raising the average tax rate."},{"text":"Progressive taxes take a higher amount of income as income rises, raising the marginal tax rate.","correct":false,"explanation":"The key feature is a higher percentage and therefore a higher average rate. The marginal rate refers to tax on the next unit, not the overall proportion paid."},{"text":"Progressive taxes take a higher percentage of spending as income rises, raising the average tax rate.","correct":false,"explanation":"Progressive income taxes are defined by the proportion of income taxed, not spending. That rising proportion increases the average tax rate."},{"text":"Progressive taxes take a higher percentage of income as income rises, lowering the average tax rate.","correct":false,"explanation":"A higher percentage taken in tax makes average tax paid as a share of income rise, not fall. The direction of the final relationship has been reversed."}]},{"id":"1a28bb4a-9874-4708-aaa8-a14edbc15414","cardType":"basic","points":1,"front":"Under progressive tax bands, what income is charged at the higher rate?","back":"Only income inside the higher band.","mcqOptions":[{"text":"Only income inside the higher band.","correct":true,"explanation":"Tax bands apply separately to slices of income. Only the income that falls within the higher band is charged at that higher rate; earlier slices keep their lower rates."},{"text":"All income at the higher rate.","correct":false,"explanation":"This treats the higher rate as applying retrospectively to all earnings. Under tax bands, only income inside the higher band receives that rate."},{"text":"Only income above the higher band.","correct":false,"explanation":"Income above a band may enter an even higher band or another marginal rate. The stated higher rate applies to income inside its own band."},{"text":"All income below the higher band.","correct":false,"explanation":"Income below the higher band is charged using the lower bands it falls into. Only the slice inside the higher band receives the higher rate."}]},{"id":"ccdfd2ed-eb2a-4c2a-b22d-03d87546ff36","cardType":"basic","points":2,"front":"Using bands 0% on first £10,000, 20% on next £30,000 and 40% above £40,000, what tax is due on £50,000 income?","back":"£10,000.","mcqOptions":[{"text":"£10,000.","correct":true,"explanation":"The first £10,000 is tax-free, the next £30,000 produces £6,000 tax at 20%, and the final £10,000 produces £4,000 at 40%, totalling £10,000."},{"text":"£8,000.","correct":false,"explanation":"This commonly results from applying 20% to the whole taxable amount and ignoring the higher band. The final £10,000 is taxed at 40%, giving a total of £10,000."},{"text":"£14,000.","correct":false,"explanation":"This can result from applying 40% too broadly, such as to all income above £10,000. Only the final £10,000 faces 40%, so the correct total is £10,000."},{"text":"£20,000.","correct":false,"explanation":"Applying 40% to the entire £50,000 ignores both the tax-free allowance and the 20% band. Calculating each band separately gives total tax of £10,000."}]},{"id":"6efbb82d-0568-4cda-8c23-425b4bb1a1ab","cardType":"basic","points":2,"front":"What incentive problem can high progressive tax rates create?","back":"They may reduce incentives to work, save, invest or take risks.","mcqOptions":[{"text":"They may reduce incentives to work, save, invest or take risks.","correct":true,"explanation":"High marginal tax rates reduce the reward from earning an extra pound. This can weaken incentives to work more, save, invest, or undertake risky productive activities."},{"text":"They may increase incentives to work, save, invest or take risks.","correct":false,"explanation":"Higher tax reduces the after-tax reward from additional activities, so it may weaken rather than strengthen these incentives. The correct concern is reduced participation or risk-taking."},{"text":"They may reduce incentives to consume, borrow, import or claim benefits.","correct":false,"explanation":"These are not the main incentive effects identified here. High progressive tax rates primarily reduce the after-tax rewards from work, saving, investment, and risk-taking."},{"text":"They may reduce incentives to work, save, invest or pay taxes.","correct":false,"explanation":"High rates can affect work, saving, and investment, but paying taxes is not the fourth economic activity in this standard list. The relevant fourth incentive is taking risks."}]}]}],"examCountdown":{"examDate":"2027-05-13","paperLabel":"Paper 1"},"heading":"3.5 Fiscal policy","title":"Fiscal policy Flashcards","topbar":{"backHref":"/gcse/economics/ocr/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"2996aced-ed55-59b7-a3b8-c7be0f2ea772","walled":"$L39"}],"$L3a","$L3b"]

3.5 Fiscal policy Flashcards

3.5 Fiscal policy Flashcards