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

Question 2

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; increased 
A)  surplus; decreased 
B)  deficit; decreased 
C)  surplus; increased 
D)  deficit; increased

Question 3

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

Tax revenues

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 .

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

What Is Economics

The Economic Problem

Demand and Supply

Measuring GDP and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, The Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers

Inflation, Jobs, and the Business Cycle

Monetary Policy

International Trade Policy

Introduction

Monitoring Macroeconomic Performance

Macroeconomic Trends

Macroeconomic Fluctuations

Macroeconomic Policy

Filters

Exam 13: Fiscal Policy

Tax revenues

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 ________.

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

What Is Economics

The Economic Problem

Demand and Supply

Measuring GDP and Economic Growth

Monitoring Jobs and Inflation

Economic Growth

Finance, Saving, and Investment

Money, The Price Level, and Inflation

The Exchange Rate and the Balance of Payments

Aggregate Supply and Aggregate Demand

Expenditure Multipliers

Inflation, Jobs, and the Business Cycle

Monetary Policy

International Trade Policy

Introduction

Monitoring Macroeconomic Performance

Macroeconomic Trends

Macroeconomic Fluctuations

Macroeconomic Policy

Filters

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 .

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