(Test Bank)Economics Today The Macro View, 19th Edition by Roger LeRoy Miller chapter 14

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1、EconomicsToday:TheMacroView,19e(Miller)Chapter14DeficitSpendingandthePublicDebt14.1PublicDeficitsandDebts1)Inthecurrentyear,anation'sgovernmentspendingequals$100trillionanditsrevenuesare$130trillion.WhichofthefollowingisTRUE?A)Thenation'snationaldebtequals$30trillion.B)Thisnationhasacurre

2、ntyearbudgetsurplusof$30trillion.C)Thisnationiscurrentlyrunningabudgetdeficitof$30trillion.D)Thisnationhasacurrentyearbudgetsurplusof$230trillion.Answer:BDiff:2Topic:14.1PublicDeficitsandDebtsLearningOutcome:Macro-9:DiscussfundamentalapproachestofiscalpolicyAACSB:Applicationofknowledge2)W

3、hengovernmentrevenuesexceedgovernmentoutlaysinaparticularyear,thisiscalledA)abudgetsurplus.B)abudgetdeficit.C)thenationaldebt.D)fiscalpolicy.Answer:ADiff:2Topic:14.1PublicDeficitsandDebtsLearningOutcome:Macro-9:DiscussfundamentalapproachestofiscalpolicyAACSB:Analyticalthinking3)Supposetha

4、tthegovernmentofSmallvillespends$2trillionin2018andreceivestaxrevenuesof$1.5trillioninthatsameyear.WhichofthefollowingisTRUE?A)Smallvillehasabudgetsurplusof$0.5trillion.B)Smallvillehasabudgetdeficitof$0.5trillion.C)Smallvillehasatradedeficitof$0.5trillion.D)Smallvillehasatradesurplusof$0.

5、5trillion.Answer:BDiff:2Topic:14.1PublicDeficitsandDebtsLearningOutcome:Macro-9:DiscussfundamentalapproachestofiscalpolicyAACSB:Applicationofknowledge42Copyright©2018PearsonEducation,Inc.4)WhengovernmentspendingexceedsgovernmentrevenuesduringagivenperiodoftimeA)abudgetdeficitexists.B)abud

6、getsurplusexists.C)thenationaldebtmustbedecreasing.D)Congressisobligedtoraisetaxes.Answer:ADiff:1Topic:14.1PublicDeficitsandDebtsLearningOutcome:Macro-9:DiscussfundamentalapproachestofiscalpolicyAACSB:Analyticalthinking5)Howdoesagovernmentbudgetdeficitoccur?A)Agovernment'staxrevenuesexcee

7、ditsspending.B)Agovernment'sspendingexceedsitstaxrevenues.C)Ifanationcarriesapublicdebt,itmustberunningadeficiteveryyear.D)Anationearnsmoreonexportsthanitspendsonimports.Answer:BDiff:1Topic:14.1PublicDeficitsandDebtsLearningOutcome:Macro-9:Discussfundamentalapproach