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Exam 15: Federal Budgets: the Tools of Fiscal Policy

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Question 21

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Taxes that are deducted from workers' paychecks are referred to as

A) paystub revenue.
B) income seizures.
C) excise taxes.
D) payroll taxes.
E) payday taxes.

F) A) and D)
G) C) and D)

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Question 22

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Why are marginal tax rates the most relevant to consider when making financial decisions?

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The marginal tax rate is the tax rate pa...

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Question 23

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If government outlays in 2011 were $2.2 trillion and government revenues were $3.8 trillion, the federal

A budget is

Use the following table to answer the next questions: $\begin{array} { l l l l l } \hline&& \ { \text { Public Debt over Time } } \\\hline & { \mathbf {2001} } &&\quad\quad\quad\quad\quad { \mathbf { 2 0 1 1 } } \\\hline & \text { Debt } & \text { GDP } & \text { Debt } & \text { GDP } \\\hline \text { United States } & \$ 3.3 \text { trillion } & \$ 10.2 \text { trillion } & \$ 12.2 \text { trillion } & \$ 15.0 \text { trillion } \\\text { France } & \$ 0.9 \text { trillion } & \$ 1.5 \text { trillion } & \$ 1.8 \text { trillion } & \$ 2.0 \text { trillion } \\\text { Italy } & \$ 1.5 \text { trillion } & \$ 1.2 \text { trillion } & \$ 1.7 \text { trillion } & \$ 1.6 \text { trillion } \\\text { Belgium } & \$ 0.3 \text { trillion } & \$ 0.3 \text { trillion } & \$ 0.3 \text { trillion } & \$ 0.4 \text { trillion } \\\text { Australia } & \text { \$0.2 trillion } & \$ 0.7 \text { trillion } & \$ 0.4 \text { trillion } & \$ 1.4 \text { trillion } \\\hline\end{array}$ -According to the table, the country with the lowest average yearly budget deficit over the time period is

Why do Social Security and Medicare pose problems for the federal government budget?

Use the following table to answer the next questions: $\begin{array} { l l l l l } \hline&& \ { \text { Public Debt over Time } } \\\hline & { \mathbf {2001} } &&\quad\quad\quad\quad\quad { \mathbf { 2 0 1 1 } } \\\hline & \text { Debt } & \text { GDP } & \text { Debt } & \text { GDP } \\\hline \text { United States } & \$ 3.3 \text { trillion } & \$ 10.2 \text { trillion } & \$ 12.2 \text { trillion } & \$ 15.0 \text { trillion } \\\text { France } & \$ 0.9 \text { trillion } & \$ 1.5 \text { trillion } & \$ 1.8 \text { trillion } & \$ 2.0 \text { trillion } \\\text { Italy } & \$ 1.5 \text { trillion } & \$ 1.2 \text { trillion } & \$ 1.7 \text { trillion } & \$ 1.6 \text { trillion } \\\text { Belgium } & \$ 0.3 \text { trillion } & \$ 0.3 \text { trillion } & \$ 0.3 \text { trillion } & \$ 0.4 \text { trillion } \\\text { Australia } & \text { \$0.2 trillion } & \$ 0.7 \text { trillion } & \$ 0.4 \text { trillion } & \$ 1.4 \text { trillion } \\\hline\end{array}$ -According to the table, the country with the largest increase in the debt-to-GDP gross domestic product) ratio over the time period is

As a result of the 2007 global financial crisis, ________ is a topic that has vaulted to the forefront of everyday political and economic discussions.

Under the U.S. system of social insurance, the employer and employee generally each contribute half of the amount mandated by the government. In real economic terms, does each party actually contribute half?

Budget deficits tend to

The government withdraws social insurance taxes from the paychecks of workers to

Discretionary government spending includes payments made for

What is the primary cause of budgetary issues for the Social Security program?

The current tax rate for Social Security is

________ would be considered a mandatory outlay in one’s monthly budget.

Why may foreign ownership of U.S. debt be good for the United States? Why may foreign ownership of U.S. debt be bad for the United States?

Year to year, governments can produce budgets where outlays exceed revenue receipts. The total of all of these unpaid incidents is known as

An important consequence of foreign-held debt is the ________ of the supply of loanable funds in the United States, which helps keep interest rates ________.

The largest source of tax revenue for the government is ________ taxes.

________ is/are a mandated federal program that funds health care for retired persons.