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What are the three categories of federal government expenditures, in addition to government purchases?
 
A) debt charges, transfers to other levels of government, and transfer persons.
B) interest on the provincial debt, defense spending, and transfer payments.
C) defense spending, budgets of federal agencies, and transfer payments.
D) defense spending, income tax, and transfers.

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Vaishnavi Kanukurti
Vaishnavi KanukurtiLv10
15 Oct 2020
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Related questions

Question 1

Which of the following is true concerning the consumption habits of ALL levels of government?

Select one:

a. All levels of government combined consume close to one-third of the nation’ output.

b. The levels of government consume all of the nation’s output and then ration out resources as it sees fit.

c. the private sector does not produce any goods for the government

d. The levels of government rarely consume any of the nation’s output

Question 2

Question text

Which of the following is an example of governmental MANDATORY SPENDING?

Select one:

a. Educational programs

b. Environmental and Space Programs

c. Paying the interest on the federal debt

d. National defense spending

Question 3

Question text

The state governments spend most of their money on

Select one:

a. National guard training

b. Education

c. State highway repair

d. Intergovernmental expenditures

Question 4

Question text

During which year did the first federal budget surplus occur within the last three decades?

Select one:

a. 1998

b. 1975

c. 1985

d. 1990

Question 5

Question text

Which is true concerning the Gramm-Rudmand-Hollings Bill?

Select one:

a. It was a bill that helped female employees get tax exemptions

b. It was legislation intended to establish a balanced budget

c. It was a bill that was vetoed because it limited the government’s ability to tax

d. It was a bill that was passed to put national defense on the mandatory spending list

Question 6

Question text

Which of the following is an example of how the government uses taxes to redistribute income?

Select one:

a. The government puts heavy taxes on the poor to gain revenue.

b. the government places very low taxes on the rich so that they can keep their money.

c. People with income pay income taxes and the government can spend money on transfer payments.

d. The government taxes all people equally

Each year since winning control of the House of Representatives in the 2010 election, Tea Party Republicans have argued that we need to immediately initiate sharp reductions in government spending and entitlement programs and rapidly move towards a balanced budget, (although they have never actually produced a budget proposal in which tax revenues would match government spending plus entitlement transfers). Many Democrats, while arguing that tax rate increases on high-income earners need to be part of any deficit-reduction program, have agreed that we need to initiate budget deficit reduction now.

A) What is the argument against attempting to balance the Federal Government budget rapidly at present via either deep cuts in Federal Government spending or sharp increases in federal income tax rates?
B) Does this argument imply that budget deficits don't matter in the long run? If not, why might the impact of large deficits predicted in the long run under current tax and spending programs be different than the impact today? Explain.

(4 points) Suppose the current GDP is $800 billion, potential GDP is $900 billion, government spending is $100 billion, and tax revenues are $120 billion. The government multiplier is 4.

a. (2 points) If the government increases spending on defense by $20 billion, ceteris paribus, GDP will [increase | decrease] by $ ___________ billion. Show calculations.

b. (2 points) If, instead of increasing G by $20 billion, the government cuts taxes by $20 billion. Ceteris paribus, will the effect on GDP be greater than, equal to, or less than, that in (a)? Explain why.

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