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The blame for failing to address the budget deficits of the 1980s and early 1990s Answer a.is an economic question rather than a political question.b.is a political question rather than an economic question.c.is clearly the fault of the Republican administrations.d.is clearly the fault of the Democratic Congresses.Question 2 The national debt is the Answer a.result of previous budget deficits.b.result of efficient balancing.c.result of rising interest rates.d.result of previous budget surpluses.Question 3 If the level of government spending increases at the same time the Fed is pursuing contractionary monetary policy, we know that Answer a.the interest rate will fall.b.the interest rate will rise.c.incomes will rise. d.incomes will fall. Question 4 When presidential candidate George W. Bush first proposed a tax cut in 1999, this was criticized because Answer a.if the Fed has a restrictive monetary policy, a budget deficit can be inflationary.b.if the economy is in a recessionary gap, a budget deficit can be inflationary.c.if the economy is near full employment, a budget deficit can be inflationary.d.budget deficits are always inflationary..Question 5 The crowding-in effect depends on the sensitivity of investment to Answer a.GDP, as does the crowding-out effect.b.GDP, whereas the crowding-out effect depends on the sensitivity of investment to interest rates.c.interest rates, as does the crowding-out effect.d.interest rates, whereas the crowding-out effect depends on the sensitivity of investment to GDP..Question 6 The net national debt is smaller than the gross national debt because Answer a.some debt is held by U.S. citizens.b.some debt is held by foreigners.c.some debt is held by government agencies.d.the government does not have to pay all of the debt..Question 7 The crowding-in effect depends on the fact that often a decrease in taxes causes a(n) Answer a.increase in output, which induces more investment.b.decrease in interest rates and an increase in the price of existing bonds. c.increase in interest rates and a decrease in the price of existing bonds.d.decrease in interest rates and the price of existing bonds.Question 8 A budget deficit will be least inflationary if the aggregate Answer a.supply curve is very flat.b.supply curve is very steepc.demand curve is very flatd.demand curve is very steep.Question 9 If in fiscal year 2001, the federal government receives $1,990 billion in revenues and spends $1,875 billion for goods and services, the national debt will Answer a.decrease by $1,875 billion.b.increase by $115 billion.c.decrease by $115 billion.d.increase by $1,990 billion.Question 10 The primary conclusion of using inflation accounting is that inflation Answer a.reduces the national debt to its nominal value instead of its real value.b.distorts government budget accounting by exaggerating interest expense.c.causes recessions, and increases the structural deficit.d.destorts the tax system, and results in slower economic growth
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