HW_3 - b Identify each of the above terms as either a stock...

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ECO 201 – Macroeconomics Principles Dr. Robert F. Salvino Homework 3: Federal Government Deficits and Debt November 1, 2007 Due: Tuesday, November 6, 2007 May be completed in groups of no more than 3 individuals. Turn in one copy for the group with each group member’s name on the hand-in. Reading material for this assignment: Hand-out from Chapter 15 of Colander. Pages 354-356 and pages 359-363. Questions: 1. Define the following terms: a. Deficit b. Surplus c. Debt 2. a. Define “stock” and “flow” as related to deficits, surpluses, and debt.
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Unformatted text preview: b. Identify each of the above terms as either a stock or flow. 3. Explain the difference between “individuals’” debt and “government’s” debt. Hint: The reading discusses three key things regarding this difference. 4. After answering these questions, how would you respond to the chapter’s opening quote from President Franklin D. Roosevelt? “Any government, like any family, can for a year spend a little more than it earns. But you and I know that a continuance of that habit means the poorhouse.”...
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