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- In a recession, does the actual budget surplus or deficit fall above or below the standardized employment budget?Q.1.7 A budget deficit occurs when: (a) there is an increase in taxation.(b) government spends less than is generated by taxation.(c) government spending is very high.(d) Government spends more than is generated by taxation.The table below presents the tax revenue and spending for the government over five years. Government Revenue and Spending Year Tax Revenue (billions of dollars) spending (billions of dollars) Budget Amount (billions of dollars) Budget 1 $400 $300 $________ ______ 2 500 450 ______ _______ 3 150 550 _______ ________ 4 200 200 _______ _______ 5 700 500…
- Eliminating double-taxation would likely a. raise saving and primarily benefit people with lower incomes. b. reduce saving and primarily benefit people with higher income. c. raise saving but primarily benefit people with higher incomes. d. reduce saving but primarily benefit people with lower incomes.2) Transfer payments are the ________ in the government's budget. A) smallest expenditure source B) largest expenditure source C) smallest revenue source D) largest revenue source 3) Personal taxes are the ________ in the government's budget. A) smallest expenditure source B) largest expenditure source C) smallest revenue source D) largest revenue source 4) A government's debt is increased when it A) balances is budget. B) buys more bonds. C) runs a deficit. D) runs a surplus. 5) When a government runs a surplus A) its debt increases. B) it must raise taxes. C) its debt decreases. D) it must cut spending. 6) The amount the government owes to the public is the federal debt. 7) If tax receipts are greater than government expenditures the government is running a surplus. 8) If the government runs a surplus, then the government debt increases. 9) Transfer payments are the largest part of the U.S.…The economy is at full employment, with fairly low levels of unemployment and inflation. What is likely to happen to GDP, unemployment, interest rates, and inflation if a budget surplus is realized.
- When the total revenues in the federal government are greater than the total expenses in a given year, the budget: A. is balanced. B. has a profit. C. has a deficit. D. has a surplus.The budget function for the economy of Sunsville is T - G = -400 + 0.25Y.a) Suppose income is $4,000. What is the value of the budget surplus or deficit?b) What range of income will give Sunsville a budget surplus?c) What range of income will give Sunsville a budget deficit?d) At what level of income will there be a balanced budget?Is it possible for a nation to run budget deficits and still have its debt/GDP ratio fall? Explain your answer. Is it possible for a nation to run budget surpluses and still have its debt/GDP ratio rise? Explain your answer.
- What budget changes would have to occur in order to lower an annual deficit? Annual expenditures would have to rise. Annual expenditures would have to decline and annual tax collections would have to rise. Annual tax collections would have to fall. Annual expenditures would have to rise and annual tax collections would have to fall.Match the terms with their definition. Budget surplus Budget deficit Balanced budget Government debtCalculate the value of total expenditure when the budgetary deficit is given to be as $12,000 million and at the same time the total receipts are given to be as 88,000 million.
