view 15 1. Which of the following will be 14Unlocks remaining . coursehero. com/purchase-unlock/question/8791328/”>Purchase more unlocks. coursehero. com/unlock-question/Economics/8791328/Can-I-have-some-help-to-answer-the-attached-document/”>Unlock SolutionCan I have some help to answer the attached document? ATTACHMENT PREVIEW. coursehero. com/load_question_attachment. php?q_att_id=864029&thread_id=26412965″> Download attachment. coursehero. com/load_question_attachment. php?q_att_id=864029&thread_id=26412965″>. amazonaws. com/coursehero/qattachments_97d8819eb1ac69dbe3d5751a8048d4d4ce41e8a5_th. jpg?AWSAccessKeyId=AKIAIAYW2E6VOLDTI35A&Expires=1443932566&Signature=j7Ptk%2BKGcodNTBN8%2Fpu6HibdT30%3D” alt=”EC 202-hy chapter review 15. pdf”>EC 202-HY Chapter Review 15. pdfEC 202-HY Chapter Review 151. Which of the following will be included ingovernment outlays?I. unemployment benefitsII. construction of a new highwayIII. interest payments on U. S. Treasury bonds3. Which of the following is true regarding the U. S. government’s budget?a. The percentages of mandatory anddiscretionary spending in total outlays haveincreased over the years. b. Over the years, the percentage ofmandatory spending in total outlays hasincreased, while that of discretionaryspending has decreased. c. Over the years, the percentage ofmandatory spending in total outlays hasdecreased, while that of discretionaryspending has increased. d. The percentages of mandatory anddiscretionary spending in total outlays haveremained the same over the years. a. only Ib. only IIc. I and IId. II and IIIe. I, II, and IIIsh isar stued dvi y reaC souou rcrs eeH wer aso. com2. Allocate the following expense items of the U. S. government into Mandatory (Man), Discretionary(Disc) and Interest (Int) categories of thegovernment budget: I. Payment of $40 to Mr. Smith as interest on his$10,000 U. S. Treasury bondII. food stamps received by the Jones familyIII. the purchase of F-16 fighter planes by the U. S. governmentIV. an increase in the salary of FBI agentsV. government aid to help victims of the tsunami inJapana. Man, Dis, Man, Man, Disb. Dis, Man, Man, Dis, Intc. Int, Dis, Man, Dis, Disd. Int, Man, Dis, Dis, Dise. Man, Man, Dis, Dis, Disf. Int, Dis, Man, Man, Dis4. Over the next 20 years, an increasing number ofbaby boomers are expected to retire. Which of theU. S. government’s budget categories is likely to bemost affected due to this trend?a. mandatoryb. discretionaryc. interest paymentsd. all of these. 5. If the government reduces the retirement agefrom 67 to 65, what effect will this have ongovernment entitlement programs like SocialSecurity?Tha. It will increase the government’s burdenof the entitlement programs. b. It will decrease the government’s burdenof the entitlement programs. c. The government’s burden of entitlementprograms will remain unaffected. Page 1 of 4https: //www. coursehero. com/file/10192458/EC-202-HY-Chapter-Review-15/EC 202-HY Chapter Review 156. Which of the following are the two largestsources of tax revenue for the U. S. government?I. individual income taxII. social insurance taxIII. corporate income taxIV. excise tax9. The Smith household’s annual income is$250,000. Based on the U. S. federal tax rates below,calculate the total income tax that the Smiths haveto pay on their household income. Assume zero taxdeductions for solving this problem. a. I and IIb. I and IIIc. I and IVd. II and IIIe. II and IVsh isar stued dvi y reaC souou rcrs eeH wer aso. com7. Entitlement programs such as Social Security andMedicare are primarily funded witha. payroll taxes. b. corporate income taxes. c. excise taxes. d. all of these. a. $82,500b. $112,683. 50c. $67,028d. $55,5008. Which of the following is FALSE regarding thenature of a progressive income tax system?Tha. A person with higher income pays moretax dollars than someone with a lowerincome. b. A person with higher income pays ahigher percentage of his or her income intaxes than someone with a lower income. c. People of all income levels have to pay afixed percentage of their income in taxes. d. The higher the income, the higher the taxrate. 10. The Smith household’s annual income is$250,000. Based on the U. S. federal tax rates below,calculate the average tax rate for the Smithhousehold. Assume zero tax deductions for solvingthis problem. a. 22. 2%b. 26. 8%c. 33%d. 45%Page 2 of 4https: //www. coursehero. com/file/10192458/EC-202-HY-Chapter-Review-15/EC 202-HY Chapter Review 1511. The government is said to have a budget surpluswhena. taxes exceed outlays. b. outlays exceed taxes. c. taxes are equal to outlays. 12. During the Great Recession, the ratio of U. S. federal outlays to GDP has _____________ thelong-run average, and ratio of revenue to GDP has____________ the long-run average. Thsh isar stued dvi y reaC souou rcrs eeH wer aso. coma. dipped below, climbed aboveb. climbed above, dipped belowc. dipped below, also dipped belowd. climbed above, also climbed abovePage 3 of 4https: //www. coursehero. com/file/10192458/EC-202-HY-Chapter-Review-15/EC 202-HY Chapter Review 1513. Choose the most accurate statement from thefollowing: 15. Based on the information given below,comment on the debt situation of countries X and Y. CountryXYTotal Debt(billions of $)10,00016,000Nominal GDP(billions of $)20,00032,000a. X has a more severe debt situation thanY. b. Y has a more severe debt situation thanX. c. X and Y are equal in terms of their debtsituation. d. More information is needed to answerthis question. sh isar stued dvi y reaC souou rcrs eeH wer aso. coma. If a country ran budget deficits from 2000to 2008 and then budget surpluses from2009 to 2010, then this country would havebeen in debt at the end of 2010. b. If a country ran budget deficits from 2000to 2002 and then budget surpluses from2003 to 2010, then this country would havehad no debt at the end of 2010. c. If a country balanced its budget from2000 to 2010, then this country would havehad zero debt at the end of 2010. d. All of these scenarios must be true. e. Any of these scenarios are possible butnot necessarily true. 14. Which of the following is the correct ranking ofcountries in descending order in terms of theirpublicly held debt-to-GDP ratios for 2010?Tha. Japan >, Greece >, United States >, UnitedKingdomb. United States >, Greece >, Japan >, UnitedKingdomc. Japan >, Greece >, United Kingdom >,United Statesd. Greece >, United States >, Japan >, UnitedKingdomPage 4 of 4https: //www. coursehero. com/file/10192458/EC-202-HY-Chapter-Review-15/Powered by TCPDF (www. tcpdf. org)
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