ECO 201 Principles of Microeconomics Chapter 14 Quiz Answers
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Saint Leo ECO 201 Chapter 14 Quiz Answers
1. In 2015 , government spending is $3.5 trillion, and taxes collected are $2.7 trillion. What is the federal government deficitin that year?
2. The federal government has its best opportunity to lower its national debt when it has
3. Which of the following statements is true when considering budget deficits and the national debt?
4. In 2005 national government spending is $3.00 trillion and tax collections are $2.50 trillion. This government, in 2005, experienced a
5. If the federal government has a budget deficit it can finance its spending by
6. Which of the following statements is true regarding the national debt and federal government deficits?
7. It may be argued that the effects of a higher public debtare the same as the effects of a higher deficit because
8. Since the 1940s, more often than not, the U.S. federal government has
9. Since 2001, more often than not, the U.S. federal government has
10. Which of the following is a reason for this resurgence in federal government budget deficits?
11. Since 1970 the U.S. government's budget deficit as a percentage of real GDP has
12. Suppose that an particular economy has a real GDP of 48.0 trillion in 2004. It grows to 60.0 trillion in 2005. Meanwhile, the national debt was 32.0 trillion in 2004. In 2005 the federal government ran a budget deficit of 3.2 trillion, which was totally financed by borrowing.
Given this set of circumstances the national debt as a percentage of real GDP has
13. Suppose that an particular economy has a real GDP of 60.0 trillion in 2004. It grows to 66.0 trillion in 2005. Meanwhile, the national debt was 40.0 trillion in 2004. In 2005 the federal government ran a budget deficit of 4.0 trillion, which was totally financed by borrowing.
Given this set of circumstances the national debt as a percentage of real GDP has
14. What is the relationship between the gross public debtand the net public debt?
15. The accumulation of borrowing by all federal government agencies is referred to as the
16. When considering the gross public debt, one can argue that it is overstated because
17. Which of the following statements is true when considering the expenditures of the U.S. federal government?
18. Imagine that the net public debt of a country's government was currently $6 trillion. The debt was entirely held or owned by the citizens of that country. In other words, there is no external debt. If the government were to pay off the entire $6 trillion of debt today by the use of taxes, which of the following statements is true ?
19. If the economy is operating at full employment and the federal government increases its borrowing,
20. If federal budget deficitsincrease, then a part of that deficit
21. A trade deficit implies that
22. Generally a larger US trade deficit is accompanied by a
23. Suppose the dollar value of imports to the U.S. exceed the dollar value of exports from the US. This implies that
24. If foreigners have an excess supply of dollars after trading goods and services they will likely
25. If the U.S. federal government operates with a budget deficit it must borrow. In order to entice people to lend money to finance this deficit, the U.S. government must
26. As the interest rate or yield on U.S. bonds increases, foreigners
27. From the end of WWII through 1983 the U.S. government had consistently experienced
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