Historically, which of the following are reasons that a large US public debt might not threaten to bankrupt the Federal government? [select all that apply] Group of answer choices 1) taxation 2) refinancing 3) income distribution 4) low interest rates
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Historically, which of the following are reasons that a large US public debt might not threaten to bankrupt the Federal government?
[select all that apply]
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- 3-The public welfare spending category for state and local governments includes Group of answer choices many programs that are initiated by private foundations. contributions in support of public universities. some federal programs that are administered by state and local governments. All of the above are correct. 3.1-The amount of income tax owed by a family is Group of answer choices not simply proportional to its total income. unaffected by deductions. total income minus tax credits. a constant fraction of income.BQ.1.2Distinguish between monetary and fiscal policy.Q.1.8 An example of an indirect tax is: (a) income tax.(b) secondary tax on dividends.(c) company tax.(d) value added tax.Q.1.9 Which one of the following statements is INCORRECT? (a) Provincial government forms part of the public sector.(b) Central government forms part of general government.(c) Provincial government forms part of the general government.(d) Public corporations form part of general government. Q.1.10 Openness of an economy is: (a) the extent to which a country is involved in international trade andfinance.(b) the degree to which a country generates its economic growth.(c) the degree to which a country generates its income.(d) the extent to which a country is involved in tourism.
- True or False: Federal spending has grown substantially in recent decades. By world standards, the U.S. government controls a relatively large share of the U.S. economy. A majority of the federal governments revenue Is collected through personal income taxes. Education spending is slightly larger at the federal level than at the state and local level. State and local government spending has not risen much in recent decades. Defense spending is higher now than ever. The share of the economy going to federal taxes has increased substantially over time. Foreign aid is a large portion, although less than half, of federal spending. Federal deficits have been very large for the last two decades. The accumulated federal debt as a share of GDP is near an all-time high.MULTIPLE CHOICE Which one of the following statements regarding fiscal policy and the budget is correct? (a) When the government plans to stimulate economic activity, it can increase spending or reduce taxes; (b) Revenue from tax is always greater than government spending in South Africa; (c) Demand management only refers to fiscal policy; (d) A contractionary fiscal policy should be implemented to combat unemployment.Multiple choice 1. Taxation is NOT: a. A contribution for the support of a government required of persons, groups, or businesses within the domain of that government b. A means by which governments finance their expenditure by imposing charges on citizens and corporate entities c. An act by which the sovereign, through its lawmaking body, raises income to defray the necessary expenses d. The process by which the sovereign through its law-making body, imposes burdens upon subjects or objects within its jurisdiction for the purpose of raising revenues to carry out the legitimate objects of the government
- True or False 1.Budgeting for the government is far more complicated, the federal government has hundreds of revenues raising tools and thousands of programs on which to spend this revenue * 2.The government’s deficit, in contrast, is the amount by which its spending has exceeded its revenues in any given year * 3.Entitlement spending refers to funds for programs for which funding levels are automatically set by the rules set by Congress and by the number of eligible recipients * 4.The most important federal entitlement programs are Social Security, which provides income support to the elderly, and Medicare, through entitlement programs * 5.A law forcing a given government to balance its budget each year (spending = revenue) balance budget requirement *which of the following statements are true , give reason why the others are false 1. When the Minister of Finance annually increases sin taxes, it is an example of a unit tax. 2. Taxes on companies’ accounting profit will not lead to an excess burden on them. 3. A broad- based VAT is a regressive tax that will affect the higher incomes earners more, as they buy more goods and services 4. Public debt management has only the minimisation of debt servicing cost as a goal.MULTIPLE CHOICE QUESTIONS1. Which of the following is a category of fiscal policy?A) government policies regarding transfer payments and welfare benefitsB) government policies regarding the purchase of goods and servicesC) government policies regarding taxationD) all of the above2. Which of the following is CORRECT regarding tax revenues?A) they do not change with changes in the tax rateB) they increase during recessionsC) they are the only revenue source in the government's budgetD) they decrease during economic slowdowns3. Disposable incomeA) decreases when income decreases.B) decreases when net taxes decrease.C) increases when saving decreases.D) all of the above4. Planned aggregate expenditure increases when ________ in the income-expenditure model.A) the government sector is excludedB) consumption is excludedC) the government sector is includedD) investment is excluded5. If output is greater than planned aggregate expenditure, there will beA) no change in inventories.B) a planned…
- 1. Statement 1: Police power can be used to raise revenue for the government. Statement 2: The primary purpose of taxation is to implement police power. Statement 3: One example of the principle fiscal adequacy is the Introduction of electronic Filing (Electronic Filing and Payment System (EFPS) or e-BIR Forms Package A. Only statement 2 is false. B. Only statement 1 is true. C. Only statement 2 is true. D. Only statement 3 is false. 2. Statement 1: If Nicanor are both engaged in trade or business, both must be taxed alike. Statement 2: Nicanor reported to the BIR that Inday is a tax evader. The BIR cannot forthwith collect the tax because it has to go through a process. A. Inherent limitation, Inherent limitation B. Inherent limitation, Constitutional limitation C. Constitutional limitation, Inherent limitation D. Constitutional limitation, Constitutional limitation 3. Statement 1: The Commissioner can estimate the income and expense of a taxpayer. Statement 2: Regressive…An example of an indirect tax is:(a) income tax.example of an indirect tax is: (b) secondary tax on dividends.(c) company tax.(d) value added tax.Q.1.9 Which one of the following statements is INCORRECT?(a) Provincial government forms part of the public sector.(b) Central government forms part of general government.(c) Provincial government forms part of the general government.(d) Public corporations form part of general government.Q.1.10 Openness of an economy is: (a) the extent to which a country is involved in international trade and finance.(b) the degree to which a country generates its economic growth.(c) the degree to which a country generates its income.(d) the extent to which a country is involved in tourism.Which tax is the largest source of tax revenue in the United States? personal income taxes social insurance taxes corporate profit taxes value added taxes national sales taxes
