Econ1B03-qCh11
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Econ1B03-qCh11

Course: ECONOMICS 1b03, Winter 2010

School: McMaster

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1Chapter 11 More on Government Spending and Taxes: Beyond Fiscal Policy 1. If the consumption of a good by one person reduces the amount of it that can be consumed by others, the good is a. excludable. b. nonexcludable. c. rivalrous in consumption. d. nonrivalrous in consumption. ANS: c The public debt is a. approximately equal to GDP. b. larger than GDP. c. smaller than GDP. d. the amount of overspending done by...

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11 1Chapter More on Government Spending and Taxes: Beyond Fiscal Policy 1. If the consumption of a good by one person reduces the amount of it that can be consumed by others, the good is a. excludable. b. nonexcludable. c. rivalrous in consumption. d. nonrivalrous in consumption. Register to View AnswerThe public debt is a. approximately equal to GDP. b. larger than GDP. c. smaller than GDP. d. the amount of overspending done by the federal government on an annual basis. Register to View AnswerWho bears the burden of the public debt? a. the government, because it is the entity that is in debt b. most likely future generations c. most likely the current generation d. current or future generations, depending upon whom you are talking to Register to View AnswerConcerning the public debt, the we owe it to ourselves argument refers to the idea that a. we owe it to ourselves to pay off this debt as soon as possible. b. we had better stop selling debt instruments to foreigners so that we will ultimately just owe it to ourselves. c. if we were to pay off the debt, then some Americans would be paying other Americans. d. since we individuals comprise the government, we actually owe the money to ourselves. Register to View AnswerConcerning the public debt, the current generation bears the burden of the debt argument could be stated as a. we are the ones who benefit from the monies borrowed and spent by the government on our behalf, therefore we should pay the debt. b. when the government borrows and spends, it means that fewer resources are available to produce other products. c. future taxpayers end will up paying the debt when it comes due. d. todays taxpayers (the current generation) are paying off previous generations debts. Register to View Answer 2. 3. 4. 5. 34 35 6. Chapter 11 Suppose the federal government runs a $200 billion deficit in year 1 that increases the public debt from $2,000 billion to $2,200 billion by years end. During year 1 the price level rises by 10 percent. What is the real deficit in year 1? a. $200 billion b. zero dollars ($0) c. $100 billion d. $50 billion Register to View AnswerIf the government runs a deficit during a year in which there is inflation, the real deficit is a. greater than the conventionally measured deficit. b. less than the conventionally measured deficit. c. negative. d. zero. Register to View AnswerSuppose that the public debt is currently $1,000 billion and that during the course of the next year the government incurs a budget deficit of $100 billion. Also assume that during the next year the inflation rate is 4 percent. The nominal public debt will increase by __________ billion, the real value of the public debt will decrease by __________ billion, and the real deficit will be __________ billion. a. $100; $40; $140 b. $96; $140; $140 c. $96; $60; $100 d. $100; $40; $60 e. $96; $140; $60 Register to View AnswerWhich of the following methods of government finance is probably the most direct and understandable way of paying for the costs of government to the public? a. money creation b. debt financing c. taxation d. increasing the public debt Register to View AnswerThe primary difference between private goods and public goods is that a.

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