Entities such as the U.N and the European Economic Community (Common Market) are classed as_____________?
Correct answer: A. IGOs
- A. IGOs
- B. LDCs
- C. ICUs
- D. EEcs
Explanation
IGOs means intergovernmental organizations, created by agreements among governments, and includes the U.N. and the European Economic Community. LDCs means least-developed countries, while the remaining abbreviations do not fit these organizations.
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Government revenue and expenditure are analysed through taxation, public borrowing, budgets, subsidies, transfers and public debt. The topic explains how fiscal policy affects resource allocation, income distribution, economic stability and growth, while distinguishing direct from indirect taxes, progressive from regressive taxation, and public goods from goods supplied by private markets.
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