ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Countries counter budget deficits by promoting economic growth through fiscal policies, such as reducing government spending and increasing taxes.

Detailed explanation-2: -Key Takeaways The primary sources of revenue for the U.S. government are individual and corporate taxes, and taxes that are dedicated to funding Social Security, and Medicare. This revenue is used to fund a variety of goods, programs, and services to support the American public and pay interest incurred from borrowing.

Detailed explanation-3: -The main source of state revenue is state taxes, which consist primarily of personal income taxes and general sales taxes.

Detailed explanation-4: -State and local governments collect tax revenues from three primary sources: income, sales, and property taxes. Income and sales taxes make up the majority of combined state tax revenue, while property taxes are the largest source of tax revenue for local governments, including school districts.