03 Jun Question Question 1.1.Which of the following is an example of discretionary fiscal policy? (Points : 3)
Question
Question 1.1.Which of the following is an example of discretionary fiscal policy? (Points : 3)
an increase in unemployment insurance payments during a recession
an increase in income tax receipts with rising income during an expansion
the tax cuts passed by Congress in 2001 to combat the recession
a decrease in food stamps issued during an expansion or boom
Question 2.2.The majority of dollars spent by government prior to the Great Depression was spending at the ________ level. In the post World War II period, two-thirds to three quarters of all dollars spent by government in the United States are spent at the ________ level (Points : 3)
federal; state and local
state and local; federal
state and local; state
local; state
Question 3.3.The fastest growing category of government expenditure is(Points : 3)
grants to state and local governments.
defense spending.
transfer payments.
government purchases.
4.
Year
Potential Real GDP
Real GDP
Price Level
2013
$14.0 trillion
$14.0 trillion
150
2014
14.5 trillion
14.8 trillion
154
Consider the hypothetical information in the table above for potential real GDP, real GDP and the price level in 2013 and in 2014 if the Congress and the president do not use fiscal policy. If the Congress and the president want to keep real GDP at its potential level in 2014, they should
(Points : 3)
buy Treasury securities.
conduct expansionary fiscal policy.
decrease government purchases.
decrease the discount rate.
5.A permanent tax cut would likely ________ consumption spending ________ than would a tax rebate like the one issued in 2008.(Points : 3)
increase; more
increase; less
decrease; more
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