Could someone check my work? Please
When the government attempts to cover large deficits by creating more money, what is the probable result called?
government borrowing
hyperinflation (my choice)
excess currency
full employment
2. What is one of the major problems caused by a large national debt?
It does not allow small investments by private individuals.
It makes it hard for the government to carry on activities.
It makes it difficult for the country to operate internationally.
It decreases the amount of money available to be borrowed by businesses. (my choice)
3. What was the state of the federal budget at the start of the twenty-first century?
surpluses for the first time in 30 years (my choice)
large surpluses for the last 10 years
minor deficit spending for the first time in 10 years
balanced spending for the last 10 years
4. What can be expected when members of the baby boom generation begin to retire in large numbers?
increased gross domestic product
decreased interest paid
increased deficits (my choice)
decreased services
5. What is a major argument against a constitutional amendment requiring a balanced budget?
It would be hard to monitor.
It would be too unpopular.
It would be difficult to obey. (my choice)
It would be too inflexible.
6. The federal budget process begins with
appropriations bills.
federal agency estimates.
Congress. (my choice)
the Congressional Budget Office.
7. Which of the following might be part of an expansionary policy?
increased taxes
a tax cut (my choice)
lower government spending
mandatory spending
8. Classical economics states that
markets should be allowed to regulate themselves. (my choice)
government should spend in a recession.
government should cut taxes in a recession.
government should raise taxes in a recession.
9. The main idea of the multiplier effect is that
government should create new money to put an end to infaltion.
every dollar the government spends creates a greater than one dollar change in economic output. (my choice)
taxes generally mutiply each year and create a greater deficit.
as the economy grows, more jobs are created.
10. The national debt is
all the money individuals owe on their credit cards.
the interest the government pays on bonds.
the total amount of money the federal government owes. (my choice)
the same as a budget deficit.
1. When the government attempts to cover large deficits by creating more money, what is the probable result called? (1 point)
(0 pts) government borrowing
(1 pt) hyperinflation
(0 pts) excess currency
(0 pts) full employment
1 /1 point
2. What is one of the major problems caused by a large national debt? (1 point)
(0 pts) It does not allow small investments by private individuals.
(0 pts) It makes it hard for the government to carry on activities.
(0 pts) It makes it difficult for the country to operate internationally.
(1 pt) It decreases the amount of money available to be borrowed by businesses.
0 /1 point
3. What was the state of the federal budget at the start of the twenty-first century? (1 point)
(1 pt) surpluses for the first time in 30 years
(0 pts) large surpluses for the last 10 years
(0 pts) minor deficit spending for the first time in 10 years
(0 pts) balanced spending for the last 10 years
0 /1 point
4. What can be expected when members of the baby boom generation begin to retire in large numbers? (1 point)
(0 pts) increased gross domestic product
(0 pts) decreased interest paid
(1 pt) increased deficits
(0 pts) decreased services
1 /1 point
5. What is a major argument against a constitutional amendment requiring a balanced budget? (1 point)
(0 pts) It would be hard to monitor.
(0 pts) It would be too unpopular.
(0 pts) It would be difficult to obey.
(1 pt) It would be too inflexible.
0 /1 point
6. The federal budget process begins with (1 point)
(0 pts) appropriations bills.
(1 pt) federal agency estimates.
(0 pts) Congress.
(0 pts) the Congressional Budget Office.
0 /1 point
7. Which of the following might be part of an expansionary policy? (1 point)
(0 pts) increased taxes
(1 pt) a tax cut
(0 pts) lower government spending
(0 pts) mandatory spending
1 /1 point
8. Classical economics states that (1 point)
(1 pt) markets should be allowed to regulate themselves.
(0 pts) government should spend in a recession.
(0 pts) government should cut taxes in a recession.
(0 pts) government should raise taxes in a recession.
1 /1 point
9. The main idea of the multiplier effect is that (1 point)
(0 pts) government should create new money to put an end to infaltion.
(1 pt) every dollar the government spends creates a greater than one dollar change in economic output.
(0 pts) taxes generally mutiply each year and create a greater deficit.
(0 pts) as the economy grows, more jobs are created.
1 /1 point
10. The national debt is (1 point)
(0 pts) all the money individuals owe on their credit cards.
(0 pts) the interest the government pays on bonds.
(1 pt) the total amount of money the federal government owes.
(0 pts) the same as a budget deficit.
1 /1 point
still correct in 2020
These are all right I got 100%
Yep! It's all correct!
Did you get these answers?
1. The probable result of the government attempting to cover large deficits by creating more money is called hyperinflation.
To arrive at this answer, you could use your knowledge of economics and the consequences of government interventions in the economy. Hyperinflation occurs when there is an excessive increase in the money supply, leading to a rapid decrease in the value of the currency and a corresponding surge in prices.
2. One of the major problems caused by a large national debt is that it makes it difficult for the country to operate internationally.
To arrive at this answer, you could consider the impact of a large national debt on a country's credibility and ability to manage its finances. A high national debt can make it challenging for a country to borrow money from other nations, impacting its ability to engage in international trade and maintain financial stability.
3. The state of the federal budget at the start of the twenty-first century was surpluses for the first time in 30 years.
To arrive at this answer, you could refer to historical data and information about the federal budget at the start of the twenty-first century. This period was characterized by surpluses due to improved economic conditions and fiscal policies.
4. When members of the baby boom generation begin to retire in large numbers, increased deficits can be expected.
To arrive at this answer, you could consider the economic implications of an aging population and the strain it can put on a country's finances. As the baby boom generation retires, there will be increased demands for social security and healthcare benefits, leading to higher government spending and potentially increased deficits.
5. A major argument against a constitutional amendment requiring a balanced budget is that it would be difficult to obey.
To arrive at this answer, you could consider the practical challenges of enforcing and maintaining a balanced budget requirement. It would require strict fiscal discipline and potentially limit the government's ability to respond to economic downturns or emergencies.
6. The federal budget process begins with Congress.
To arrive at this answer, you could use your understanding of the legislative process and the role of Congress in determining the federal budget. Congress is responsible for passing appropriations bills and approving federal agency estimates.
7. An expansionary policy might include a tax cut.
To arrive at this answer, you could consider the objective of an expansionary policy, which is to stimulate economic growth and increase aggregate demand. One way to achieve this is by implementing tax cuts, which can put more money in people's pockets and incentivize spending.
8. Classical economics states that markets should be allowed to regulate themselves.
To arrive at this answer, you could recall the principles of classical economics, which emphasize the importance of free markets and limited government intervention. According to classical economics, the market forces of supply and demand will naturally lead to equilibrium and efficient allocation of resources.
9. The main idea of the multiplier effect is that every dollar the government spends creates a greater than one dollar change in economic output.
To arrive at this answer, you could consider the concept of the multiplier effect in economics. The multiplier effect suggests that an initial injection of spending (e.g., government spending) can lead to a chain reaction where each subsequent round of spending generates additional income and economic activity.
10. The national debt is the total amount of money the federal government owes.
To arrive at this answer, you could rely on your understanding of public finance and the national debt. The national debt represents the accumulated borrowing and obligations of the federal government resulting from budget deficits over time.