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

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

A) corporate taxes; Social Security

B) personal income taxes; Medicare

C) personal income taxes; interest on national debt

D) personal income taxes; transfer payments

 

33) The government's budget deficit or surplus equals the

A) change in outlays divided by change in revenue.

B) average outlay divided by average revenue.

C) change in revenue minus change in outlays.

D) total tax revenue minus total government outlays.

 

34) A budget surplus occurs when government

A) outlays exceeds tax revenues.

B) tax revenues exceeds outlays.

C) tax revenues equals outlays.

D) tax revenues equal social security expenditures.

 

35) Whenever the federal government spends more than it receives in tax revenue, then by definition it

A) runs a budget surplus.

B) operates a balanced budget.

C) runs a budget deficit.

D) increases economic growth.

36) The budget deficit

A) is the total outstanding borrowing by the government.

B) is the difference between government outlays and tax revenues.

C) decreased during the Obama Administration.

D) reached its peak in the year 2000.

 

37) A government incurs a budget deficit when

A) taxes are greater than government outlays.

B) taxes are less than government outlays.

C) exports are greater than imports.

D) exports are less than imports.

 

38) In January 2013 certain tax rates increased, which were predicted to increase the federal government's tax revenue. An increase in tax revenue ________ the government's budget deficit and over time thereby ________ the amount of government debt.

A) increases; decreases

B) decreases; decreases

C) decreases; increases

D) increases; increases

 

39) If taxes exactly equaled government outlays the

A) federal government debt would be zero.

B) federal government debt would decrease.

C) budget deficit would not change.

D) budget deficit would be zero.

40) If the federal government's tax revenues are greater than its outlays, then the federal budget has a

A) deficit.

B) surplus.

C) transfer payment.

D) balanced budget.

 

41) By definition, a government budget deficit is the situation that occurs when the

A) government outlays exceed what it receives in taxes.

B) government miscalculated how much it will receive in taxes.

C) government spends money on things which do not produce revenue, such as schools.

D) economy goes into a recession.

Dec 08 2019 Read more Less More

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