Exam 12: Federal Budgets and Public Policy.

What do federal outlays include?

As of mid 2017, the U.S. gross national debt was _____

The United States spent 3 percent of GDP building and maintaining the public infrastructure between 1950 and 1970. Since 1980, that share has _____

A federal budget deficit _____

The U.S. government can continue to run a deficit as long as the cost of servicing the resulting debt remains manageable.

In 2016, welfare spending accounted for almost _____ of federal outlays.

Which of the following would decrease the size of a federal budget deficit?

Between 1990 and 2000, expenditures by the federal government on defense as a proportion of total federal spending increased.

Which of the following is true of an increase in the federal government budget surplus?

A possible explanation for the persistence of the U.S. federal budget deficits is that _____

Despite the large federal deficits during the last few decades, public capital in the United States declined because _____

A _____ is a congressional agreement about total outlays, spending by major category, and expected revenues, which guides spending and revenue decisions by the many congressional committees and subcommittees.

Nearly half of the publicly held U.S. federal debt is held by foreigners.

With few exceptions, the U.S. federal government has historically run a balanced budget.

As a result of the global financial crisis in 2008, _____

A continuing resolution is _____

How much do Japan and China hold in U.S. federal debt?

In the years when the U.S. economy was in debt, the economic growth of the country was significant because it had easy access to capital markets.

If the fraction of U.S. government securities held by foreigners increases, _____

In 2016, national defense accounted for almost _____ of federal outlays.