Assignment Requirements
Please see attachment
| Question 1.1. Before Keynes, most economists and politicians believed in (Points : 1) |
a cyclically balanced budget.
an annually balanced budget.
a structural deficit.
a budget that was balanced only at full employment. |
| Question 2.2. Keynes blamed economic downturns primarily on (Points : 1) |
the instability of consumption.
declines in the interest rate.
poor governmental management.
the instability of investment.
international trade. |
| Question 3.3. According to Keynes, the most important determinant of investment is (Points : 1) |
the interest rate.
expectations of profit.
the price level.
saving.
the initial amount invested. |
| Question 4.4. The national debt (Points : 1) |
only grows if the budget is in deficit.
is held only by Americans.
is larger in absolute terms but smaller as a share of GDP than ten years ago.
cannot be larger than GDP.
is largely the result of wars. |
| Question 5.5. In a macroeconomic equilibrium, (Points : 1) |
planned saving and planned investment are equal.
planned saving is equal to either planned investment or actual investment.
the size of the income flow is constant.
planned saving and planned investment are equal, and the size of the income stream is constant. |
| Question 6.6. The national debt is a burden on future generations if (Points : 1) |
it is larger than the one for which the current generation is responsible.
it was incurred to put idle resources to work.
borrowing reduced productive investment and future economic growth.
debt holders are wealthier than the average taxpayer.
the future generation is smaller than the present generation. |
| Question 7.7. A progressive tax taxes each individual (Points : 1) |
the same amount.
the same percentage of his or her income.
a larger percentage as his or her income increases.
a larger percentage as his or her income decreases. |
| Question 8.8. Classical economists believed that the level of real output is determined by the (Points : 1) |
labor market equilibrium.
price level.
interest rate.
government. |
| Question 9.9. Keynes advocated expansionary fiscal policy when an economy was (Points : 1) |
at full-employment output.
experiencing a recession.
experiencing inflation.
at potential output.
in wartime. |
| Question 10.10. The federal income tax is (Points : 1) |
progressive.
regressive.
proportional.
very regressive.
independent of income. |
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