ECO 302 Week 8 Quiz - Strayer



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Chapter 12 and 13

Chapter 12

TRUE/FALSE

            1.         Government can use its funds to purchase goods or transfer money to people.

                                   

            2.         If a household’s transfer payment less taxes is greater than zero, then government is a net source of funds for that household.

                                   

            3.         A permanent increase in government purchases causes an increase in the real rate of interest.

                                   

            4.         A permanent increase in government purchases increases GDP.

                                   

            5.         A temporary increase in government purchases increases GDP.

                                   

            6.         A temporary increase in government expenditures will reduce gross investment.

                                   

            7.         From 1929 to the present, government expenditures as a ratio to GDP have risen to equal about one-third.

                                   

            8.         U.S. government transfer payments in the form of unemployment insurance are equivalent to about ten percent of GDP.

                                   

            9.         The largest expansions in transfer payments at the U.S. federal level have been in Social Seccurity and Medicare.

                                   

            10.       Across a large sample of countries, the U.S. ratio of total government expenditure to GDP is near the median.

                                   


MULTIPLE CHOICE

            1.         The biggest category of government purchases in the US is:
a.         state and local purchases.        c.         federal government purchases.
b.         defense purchases.      d.         federal transfer payments.


                                   

            2.         Government transfer payment as a percentage of GDP have been:
a.         generally rising.           c.         cyclical.
b.         generally falling.         d.         constant.


                                   

            3.         The fastest growing part of the federal government budget since WWII is:
a.         interest payments on the debt.            c.         transfer payments.
b.         defense spending.       d.         infrastructure.


                                   

            4.         State and local governments purchases include:
a.         defense spending.       c.         social security retirement spending.
b.         education spending.    d.         all of the above.


                                   

            5.         The biggest category of state and local expenditures are:
a.         education.       c.         defense.
b.         transfer payments.       d.         none of the above.


                                   

            6.         State and local governments purchases are about half:
a.         interest on debt.          c.         defense.
b.         transfer payments.       d.         none of the above.


                                   

            7.         The government budget constraint without borrowing is:
a.         Gt + Vt = Tt + (Mt - Mt-1 )/P c.         Gt - Vt = Tt
b.         Gt  = Tt +  Vt d.         Gt - Vt = Tt - (Mt - Mt-1 )/P


                                   

            8.         The government budget constraint is:
a.         government purchases less transfer payments equal revenue from money growth less taxes.           c.            government purchases plus taxes equal transfer payment plus revenue from money creation.
b.         government purchases plus transfer payments equal taxes plus revenue from money growth.          d.            government purchases times transfer payment equals taxes times revenue from money creation.


                                   

            9.         The government’s budget constraint is:
a.         Gt + Vt = Tt + (Mt - Mt-1 )/P c.         -Gt  = Vt - Tt, if revenue from money creation is zero.
b.         Gt + Vt - Tt = (Mt - Mt-1 )/P  d.         all of the above.


                                   

            10.       The government’s budget is:
a.         government purchases plus transfer payments equal taxes plus reven

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