Economics: Principles & Policy
14th Edition
ISBN: 9781337912679
Author: William J. Baumol; Alan S. Blinder; John L. Solow
Publisher: Cengage Learning US
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Chapter 32, Problem 2DQ
To determine
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Economics: Principles & Policy
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- Look into the current level of the national debt and the federal deficit in the U.S. Pick any government program and research how much the U.S. spends on it. Does the amount surprise you? What might happen if the budget for the program were increased or reduced? Should the current deficit and debt be cut down? What would be some pros and cons of reducing them?arrow_forwardWhat is considered "too much" debt or "too large" a deficit? Are you able to provide any guidelines for deficit or debt ceilings?arrow_forwardHow does the government spend? How does the government tax? What are the budget deficits?arrow_forward
- When the economy is in recession, government revenue falls due to a falling tax base. Therefore the proper role of government should be to increase taxes and cut spending so as to balance the Federal budget. Do you agree? Why?arrow_forward20 Lilliput is a country that has closed borders and does not import or export any goods or services; hence, they do not worry about trade with other countries. Total spending for the federal government of Lilliput for the last fiscal year was $24.19 billion. The country collected $22.9 billion in taxes during this same fiscal year. Assume government transfers were zero. Based on this information, what is Lilliput's budget balance? Enter your answer to two decimal places. budget balance: $ In the last fiscal year, Lilliput was running a budget surplus a budget deficit a balanced budget billionarrow_forwardWhat are the benefits of tax reform in the Philippines?arrow_forward
- What is the debt trap/ debt diplomacy?arrow_forwardDebt is the same as the deficit. good if it increases productivity more than the debt payment. increased by a budget surplus. bad in all cases.arrow_forwardWhat does it mean when someone says that "High debt usage by corporations drives up the riskiness of our country’s economic base"?arrow_forward
- "Define in a formula, the federal budget deficit." please with explanation !! thank you !arrow_forwardThe federal budget usually shows a surplus. True or False?arrow_forwardWhat is deficit, and why is the government willing to do this? What is expected to happen to the US debt in the future? What categories do we spend the most federal money on? Is the US worse off when it comes to national debt then other countries? Who does the US owe money too? Who owes the US the most amount of money?arrow_forward
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