The federal government debt equals
A) the accumulation of past budget deficits.
B) tax revenues minus government spending.
C) the total value of U.S. Treasury bonds outstanding.
D) government spending minus tax revenues.
C
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When government expenditures are greater than tax revenues
A) there will be budget surplus. B) the public debt will be reduced. C) there will be budget deficit. D) automatic stabilizers do not kick in.
One popular definition of economics is the study of
a. how scarcity increases opportunities to meet ends. b. how markets overcome scarcity. c. one goal and three tasks. d. how to use limited means to meet unlimited wants. e. wants versus needs.
Monetary policy can be most accurately described as
a. the use of government taxation and expenditures to achieve macroeconomic goals. b. the use of the government's regulatory powers to improve economic efficiency. c. the government provision of goods to improve economic efficiency. d. the deliberate control of the money supply to achieve macroeconomic goals.
Which would be considered a macroeconomic study? A study of the effect of:
A. a new tax on the profits of a business. B. changing government spending to increase employment. C. lower interest rates on a firm's investment. D. a decrease in the price of automobiles on automobile sales.