Questions on GDP and Economic Growth

Income taxes create a difference between the interest rate paid by companies and received by lenders. These taxes __________ saving, investment, and the growth rate of real GDP.

Question options:

  

do   not affect

 

lower

 

encourage,   but may not change

 

increase

 

Question 2

5 / 5 points

       

The U.S. fiscal year runs from __________.

Question options:

  

July   1 to June 30

 

August   1 to July 31

 

September   1 to August 31

 

October   1 to September 30

 

Question 3

5 / 5 points

       

Being a side effect of fiscal policy on the supply side, the provision of public goods and services __________ productivity and potential GDP.

Question options:

  

does   not affect

 

decreases

 

increases

 

can   hinder or stimulate

 

Question 4

5 / 5 points

       

What type of stabilizing fiscal policy is an increase in the health care budget for citizens without coverage?

Question options:

  

automatic   fiscal policy

 

discretionary   fiscal policy

 

contractionary   fiscal policy

 

long   run fiscal policy

 

Question 5

5 / 5 points

       

According to the government expenditure multiplier, when government expenditure increases, aggregate demand increases. Other things remaining the same, what happens to the real GDP?

Question options:

  

real   GDP remains stable

 

real   GDP increases

 

real   GDP decreases

 

real   GDP induces a decrease in consumption expenditure

 

Question 6

5 / 5 points

       

A government budget deficit __________ the real interest rate and “crowds out” some private investment, which slows real GDP growth.

Question options:

  

distorts

 

decreases

 

increases

 

does   not affect

 

Question 7

5 / 5 points

       

A variable that the Fed can directly control or closely target, and which influences the economy in desirable ways, is known as a(n. __________.

Question options:

  

fiscal   policy instrument

 

monetary   policy instrument

 

operational   instrument

 

economic   instrument

 

Question 8

5 / 5 points

       

The percentage deviation of real gross domestic product (GDP. from potential GDP is __________.

Question options:

  

marginal   GDP

 

input   gap

 

output   gap

 

deadweight   loss

 

Question 9

5 / 5 points

       

If real GDP is greater than potential GDP with inflation being a problem, the Fed will __________ the federal funds rate using a(n. __________.

Question options:

  

lower;   open market sale

 

raise;   closed market sale

 

raise;   open market sale

 

lower;   closed market sale

 

Question 10

5 / 5 points

       

What type of stabilizing fiscal policies arise because tax revenues and outlays fluctuate with the real GDP?

Question options:

  

automatic   fiscal policies

 

discretionary   fiscal policies

 

contractionary   fiscal policies

 

long   run fiscal policies

 

Question 11

5 / 5 points

       

Income taxes create a difference between the wage rate paid by companies and received by workers. These taxes __________ both employment and potential GDP.

Question options:

  

do   not affect

 

lower

 

encourage,   but may not change

 

increase

 

Question 12

5 / 5 points

       

What is the gap created by a tax between what a buyer pays and what a seller receives or between the before-tax and after-tax wage rates?

Question options:

  

net   taxes

 

tax   wedge

 

induced   tax

 

expenditure   tax

 

Question 13

0 / 5 points

       

A situation in which financial markets and institutions function normally to allocate capital resources and risk is __________.

Question options:

  

financial   stability

 

financial   instability

 

fiscal   stability

 

fiscal   instability

 

Question 14

5 / 5 points

       

A __________ gap leads to inflation and a __________ gap leads to unemployment.

Question options:

  

negative;   positive

 

positive;   negative

 

negative;   near zero

 

near   zero; positive

 

Question 15

5 / 5 points

       

If real GDP is below potential GDP, the government might decrease its expenditure on goods and service, decrease transfer payments, raise taxes, or do some combination of all three. This is called a(n. __________.

Question options:

  

automatic   fiscal policy

 

discretionary   fiscal policy

 

contractionary   fiscal policy

 

fiscal   stimulus

 

Question 16

5 / 5 points

       

What is the largest source of revenue for the federal government?

Question options:

  

personal   income taxes

 

social   security taxes

 

corporate   income taxes

 

indirect   taxes

 

Question 17

5 / 5 points

       

In the long run, an increase in the supply of bank loans is matched by a __________ in the price level and the quantity of real loans is __________.

Question options:

  

rise;   unchanged

 

rise;   increased

 

fall;   unchanged

 

fall;   decrease

 

Question 18

5 / 5 points

       

On the outlays side of the budget, how are Social Security benefits, Medicare and Medicaid benefits, unemployment benefits, and other cash benefits to individuals and businesses labeled?

Question options:

  

expenditure   on goods and services

 

transfer   payments

 

debt   interest

 

indirect   taxes

 

Question 19

5 / 5 points

       

Who first submits a budget proposal in February?

Question options:

  

Congress

 

the   House of Representative Budget Committee

 

the   Senate Budget Committee

 

the   President

 

Question 20

5 / 5 points

       

If tax revenues equal outlays on the federal budget, what does the government have?

Question options:

  

a   budget surplus

 

a   budget deficit

 

a   balanced budget

 

the   national debt


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