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INDIRECT BUSINESS TAXES: The official entry in the National Income and Product Accounts maintained by the Bureau of Economic Analysis for sales taxes. Indirect business taxes are one key difference between national income (the resource cost of production) and gross/net domestic product (the market value of production). For further discussion of this point, see gross domestic product and national income or net domestic product and national income. Indirect business taxes, abbreviated IBT, is generally less than 10% of gross domestic product (7-8% is common).

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Lesson 12: Business Cycles | Unit 4: Causes Page: 20 of 26

Topic: Politics <=PAGE BACK | PAGE NEXT=>

Re-election seeking politicians is a second explanation for business cycles. Four propositions lay the foundation:
  • An elected leader remains an elected leader only if re-elected.
  • Government can influence economic activity through stabilization policies. Fiscal policy, lower taxes and more spending, can trigger an expansion. The opposite can cause a contraction.
  • Voters re-elect current leader during good times and elect new leaders during bad times. They vote their pocketbooks.
  • Elected leaders know how this process works and give us the recipe for a politically induced business cycles.

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GOVERNMENT EXPENDITURES

Spending by the government sector including both the purchase of final goods and services, or gross domestic product, and transfer payments. Government expenditures are used by the government sector to undertake key functions, such as national defense and education. These expenditures are financed with a combination of taxes and borrowing.

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YELLOW CHIPPEROON
[What's This?]

Today, you are likely to spend a great deal of time flipping through the yellow pages trying to buy either a 200-foot blue garden hose or a video camera with stop action features. Be on the lookout for rusty deck screws.
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This isn't me! What am I?

Approximately three-fourths of the U.S. paper currency in circular contains traces of cocaine.
"If things are not going well with you, begin your effort at correcting the situation by carefully examining the service you are rendering, and especially the spirit in which you are rendering it."

-- Roger Babson, statistician and columnist

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