Budget Deficit and National Debt

Budget Deficit and National Debt - Chapter 31 15 Budget...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 31 / 15 Budget Deficits and National Debt 1) AM31 \ B \\ Budget Deficits or Surpluses \ 1 \\ Annual differences between federal outlays and receipts are: (a) public debt. (b) budget deficits or surpluses. (c) trade deficits. (d) budget constraints. 2) AM31 \ E \\ Government Budget Deficits and Surpluses \ 2 \\ An increase in the national debt of the United States is among the direct and immediate consequences of: (a) increases in marginal income tax rates. (b) powerful inflationary pressure. (c) inadequate growth of the money supply. (d) deficits in the U.S. balance of payments. (e) a federal budget deficit. 3) AM31 \ A \\ Budget Deficits: History \ 1 \\ During the past half century, the U.S. federal budget: (a) ran deficits far more often than surpluses. (b) experienced surpluses more often than deficits. (c) ran roughly equal numbers of deficits and surpluses. (d) was balanced most of the time. 4) AM31 \ C \\ Government Budgets: History \ 2 \\ To pay for the Wars in Iraq and Afghanistan, President George W. Bush and the Congress: (a) raised income taxes sharply in 2002. (b) made major cuts in Social Security retirement benefits. (c) increased the federal debt, and relied on foreigners to buy huge amounts of Treasury bonds. (d) raised taxes, sold offshore oil leasing rights, and called in loans from foreign nations. 5) AM31 \ A \\ Public Debt: History \ 2 \\ The public debt in the United States since 1980 has: (a) increased in absolute and relative terms. (b) decreased in absolute and relative terms. (c) increased in relative but decreased in absolute terms. (d) increased in absolute but decreased in relative terms. Ralph Byrns Chapter 31 / 15 : Budget Deficits and National Debt Test Bank One 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6) AM31 \ D \\ Public Debt: History \ 2 \\ During the 1980s, and again, since 2000, there was more than a doubling of the: (a) value of the stock of economic capital in the United States. (b) level of real per capita income in the United States. (c) average annual surplus in the U.S. balance of trade. (d) federal debt issued by the U.S. Treasury. 7) AM31 \ A \\ Public Debt: History \ 1 \\ If holdings of U.S. Treasury bonds by other government agencies are included, the public debt in 2006 for the first time ever topped: (a) $8 trillion. (b) $20 trillion. (c) $40 trillion. (d) $80 trillion. 8) AM31 \ A \\ Commercial Banks and National Debt \ 2 \\ The largest U.S.-based holders of our national debt include: (a) commercial banks. (b) multinational corporations. (c) individual households. (d) state and local government agencies. 9) AM31 \ B \\ Government Spending: History \ 2 \\ Between 1970 and 2000, U.S. federal outlays on defense: (a) grew relative to all government outlays. (b) fell relative to all government outlays.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/07/2011 for the course ECON 3461 taught by Professor Spencer during the Spring '10 term at Golden West College.

Page1 / 19

Budget Deficit and National Debt - Chapter 31 15 Budget...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online