Practice Quiz Chap 15 - POP QUIZ WORKSHEET 3 : CHAPTER 15...

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POP QUIZ WORKSHEET 3 : CHAPTER 15 NAME: __________________________________ 1. The federal budget deficit: a. is defined as a shortfall of incoming revenues under outgoing payments. b. is defined as the amount by which the government is taxing more than it is spending. c. is defined as accumulated deficits minus accumulated surpluses. d. reduces the amount of government debt. 2. Which of the following statements concerning government debt is true? a. To make judgments about a nation’s debt, you must look at its debt in relation to its assets. b. Debt is the current annual amount by which the government is spending more than it collects as revenue. c. Nominal U.S. government debt has been decreasing since World War II. d. Paying interest on external debt involves a net increase in domestic income. 3. Which of the following statements concerning the deficit and debt is false? a. Deficits and the debt are often measured relative to GDP because the government’s ability to service the debt and to repay the debt depends on GDP.
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This note was uploaded on 04/18/2011 for the course ECON 131 taught by Professor Tba during the Spring '08 term at University of Hawaii, Manoa.

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Practice Quiz Chap 15 - POP QUIZ WORKSHEET 3 : CHAPTER 15...

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