The legitimate possession of power is a definition of______________?
Correct answer: D. authority
- A. force
- B. the police
- C. the state
- D. authority
Explanation
Authority is the legitimate or socially accepted exercise of power. Force may compel obedience, but it is not necessarily regarded as legitimate.
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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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