Question 1

Tax revenues

Accepted Answer

A)   are autonomous.
B)   are independent of real GDP.
C)   vary with real GDP.
D)   are fixed over time.E) A) and B)
F) C) and D)

Question 2

The largest source of revenue for the federal government is ________ and the largest outlay is for ________.

Accepted Answer

A)   corporate taxes; Social Security
B)   personal income taxes; Medicare
C)   personal income taxes; interest on national debt
D)   personal income taxes; transfer paymentsE) A) and B)
F) A) and D)

Question 3

In 2007,Norway's government had revenue of $226.3 billion and expenditures of $158.7 billion. At the same time,GDP totalled $392 billion and government debt was about 67 percent of GDP. In 2007,Norway's government ran a government budget ________ and government debt ________.

Accepted Answer

A)   surplus; decreased
B)   deficit; decreased
C)   surplus; increased
D)   deficit; increasedE) A) and B)
F) B) and D)

Exam 13: Fiscal Policy

The largest source of revenue for the federal government is and the largest outlay is for .

Correct Answer
verified

In 2007,Norway's government had revenue of $226.3 billion and expenditures of $158.7 billion. At the same time,GDP totalled $392 billion and government debt was about 67 percent of GDP. In 2007,Norway's government ran a government budget and government debt .

Correct Answer
verified

Tax revenues

Correct Answer
verified

Exam 13: Fiscal Policy

The largest source of revenue for the federal government is ________ and the largest outlay is for ________.

Correct AnswerverifiedShow Answer

In 2007,Norway's government had revenue of $226.3 billion and expenditures of $158.7 billion. At the same time,GDP totalled $392 billion and government debt was about 67 percent of GDP. In 2007,Norway's government ran a government budget ________ and government debt ________.

Correct AnswerverifiedShow Answer

Tax revenues

Correct AnswerverifiedShow Answer

The largest source of revenue for the federal government is and the largest outlay is for .

Correct Answer
verified

In 2007,Norway's government had revenue of $226.3 billion and expenditures of $158.7 billion. At the same time,GDP totalled $392 billion and government debt was about 67 percent of GDP. In 2007,Norway's government ran a government budget and government debt .

Correct Answer
verified

Correct Answer
verified