Government based on the rule of either the landed gentry the educated and privileged or the hereditary nobility is called_______________?
Correct answer: A. aristocracy
- A. aristocracy
- B. oligarchy
- C. republicanism
- D. democracy
Explanation
Aristocracy is rule by a privileged upper class, such as hereditary nobles, landed gentry, or an educated elite. Oligarchy is broader rule by a small group that may be based on wealth or military power.
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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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