Government tax revenue is $500,000,000. It's spending is $575,000,000. Is the government running a surplus, a balanced budget, or a deficit? If it is not running a balanced budget, how large is the imbalance?
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Government tax revenue is $500,000,000. It's spending is $575,000,000. Is the government running a surplus, a balanced budget, or a deficit? If it is not running a balanced budget, how large is the imbalance?
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- 1) Fiscal policy refers to a) making changes in private expenditures as a result of changes in government spending. b) making changes in the quantity of money to achieve particular economic goals. c) efforts to balance a government's budget. d) making changes to government budgets to achieve particular economic goals. 2) The economy suffers a positive supply shock. As a result, in the short run Real GDP will and the price level will a) fall; fall b) fall; rise c) fall; remain constant d) rise; fall 3) A change in Real GDP in the short run can be brought about by a change in a) labor productivity. b) wealth. c) All of the options available d) the exchange rate. 4) An expansionary fiscal policy will a) never result in a budget surplus. b) always result in a budget deficit. c) sometimes result in a budget deficit. d) always result in a budget surplus.8) A balanced budget occurs when a) transfer payments equal tax revenues. b) a budget deficit during one year is matched by a budget surplus in the next year. c) government expenditures equal tax revenues. d) the national debt is reduced to zero dollars. 9) The interest rate effect is one of the a) shifters of an AD curve. b.) reasons why a short-run aggregate supply curve can be derived. c) reasons why an AD curve is downward-sloping. d) shifters of a short-run aggregate supply curve. 10) The real balance effect explains the change in a) the output producers produce as they attempt to balance their production in response to changes in consumers' demand. b) the value of physical assets (e.g., houses) that results from a change in the price level. c) the real wealth that results from a change in the amount of income earned. d) the real wealth that results from a change in the price level.Suppose the economy is in a recession and the government is running a budget surplus. This implies the government is running a __________ and decreasing its __________. structural surplus; net debt structural deficit; net debt structural deficit; net asset structural surplus; net asset balanced budget; net asset
- If the actual budget deficit solve this general accounting questionSuppose expenses for Medicare and Medicaid are rising rapidly. Which strategy could the federal government use to solve this situation? Make cuts to defense and education spending, and then increase income and payroll tax rates to reduce the effect of increasing expenses in the federal government. Delay payments for the interest on the national debt and increase tax rates for payroll and corporate income taxes to raise funds for Medicare and Medicaid. Increase corporate and individual income tax rates to raise revenue, and then eliminate payments to state and local governments to cut other costs in the federal government. Increase payouts for entitlements and decrease income and payroll taxes so that consumers are provided with more money to pay for increased medical costs.Please Solve This One
- Fill in the Table representing these data. Assume that the tax rate is 0.4 of national income; the MPC out of the after-tax income is 0.8; investment is $2,000; government spending is $1,000; exports are $2,000 and imports are 0.05 of after-tax income. What is the equilibrium level of output for this economy? National Income After-tax Consumption I+G+X Income Minus Imports Aggregate ExpendituresConsider country G, which is a closed economy. Suppose that G’s investment is 200, disposable income is 900 and the consumption 650. Answer G’s public saving and if government spending G is more than, less than or equal to the tax T. what is the public saving?:G (more than, less than or equal to the tax T)?:Total budget expenditures = $50 million; Total non-property tax income = $6 million; Assessed value = $1 billion; Total exemptions = $140 million. Given this information, what should be the property tax rate for the community so that its budget breaks even?
