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ECON 201 Homework 6.docx - ECON 201 Homework#6 er 17 Random...

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ECON 201 Homework #6 er 17 Random ion 1 1 / 1 point The current level of US government accumulated debt, when measured in nominal dollars: a) is lower than it has ever been. b) has remained steady for the past decade. c) has reached higher levels in the past. d) is higher than it has ever been. Questi on 2 1 / 1 point If South Dakota's governor reports a budget surplus in 2011, that state government likely: a) equalized spending and taxes in that year. b) increased the proportional tax level. c) received more in taxes than it spent in that year. d) increased the corporate income tax rate. Questi on 3 1 / 1 point Currently, the US government accumulated debt to GDP ratio:
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a) is higher than it has ever been. b) is lower than its historical high point. c) is lower than it has ever been. d) has remained relatively steady for the past decade. Questi on 4 1 / 1 point A ______________________ means that government spending and taxes are equal. a) balanced budget b) contractionary fiscal policy c) fiscal budget d) discretionary fiscal policy Questi on 5 1 / 1 point A ________________________________ is calculated as a flat percentage of income earned, regardless of level of income. a) proportional tax b) estate and gift tax
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c) regressive tax d) progressive tax Questi on 6 1 / 1 point The federal government levies _____________________________ on people who pass assets ____________________________, either after death or during life. a) an estate and gift tax; to the next generation b) a progressive tax; to non-family members c) an excise tax; to their children d) a regressive tax; to non-family members Questi on 7 1 / 1 point If the economy is producing less than its potential GDP, _____________________ will show a larger deficit than the actual budget.
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