The phrase "federal fiscal year" refers to which of the following? a. the regular calendar year: january until december b. the time from which the president approves the budget until october 1st when the budget goes into effect c. the time from when the president submits the budget (february) until the budget goes into effect (october) d. the year according to when the budget comes into effect (october 1st) and a new budget begins (the following october 1st)

D

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D.

Explanation:

Federal fiscal year is basically the year in which the budget comes into effect and the new one begins. Fiscal year-end is when the completion of this year long process is over.

for starters, there is the structural trend of rising primary government expenditure as a share of gdp, which reached 36% in 2014, up from 22% in 1991. this increase reflected a political desire to address the poverty and inequality that had gone unaddressed during previous decades. to support the increase, brazil’s government increased taxes on consumption and promoted progress toward labor-market formalization. nonetheless, public investment, particularly in infrastructure, took a hit. in fact, with the exception of the 2005-2008 period, total investment as a share of gdp has remained below 20% since 1991.