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PAGE 97
Barro
Chapter 12
TRUE/FALSE
1. Government can use its funds to purchase goods or transfer money to people.
ANS: T PTS: 1 DIF: 1 NAT: Analytic
2. If a household’s transfer payment less taxes is greater than zero, then government is a net source of funds for that household.
ANS: T PTS: 1 DIF: 2 NAT: Analytic
3. A permanent increase in government purchases causes an increase in the real rate of interest.
ANS: F PTS: 1 DIF: 2 NAT: Analytic
4. A permanent increase in government purchases increases GDP.
ANS: F PTS: 1 DIF: 2 NAT: Analytic
5. A temporary increase in government expenditures will reduce gross investment.
ANS: T PTS: 1 DIF: 2 NAT: Analytic
MULTIPLE CHOICE
1. The biggest category of government purchases in the US is:
a.
state and local purchases.
c.
federal government purchases.
b.
defense purchases.
d.
federal transfer payments.
ANS: A PTS: 1 DIF: 1 NAT: Analytic
2. Government transfer payment as a percentage of GDP have been:
a.
generally rising.
c.
cyclical.
b.
generally falling.
d.
constant.
ANS: A PTS: 1 DIF: 1 NAT: Analytic
3. The fastest growing part of the federal government budget since WWII is:
a.
interest payments on the debt.
c.
transfer payments.
b.
defense spending.
d.
infrastructure.
ANS: C PTS: 1 DIF: 1 NAT: Analytic
4. State and local governments purchases include:
a.
defense spending.
c.
social security retirement spending.
b.
education spending.
d.
all of the above.
ANS: B PTS: 1 DIF: 1 NAT: Analytic
5. The biggest category of state and local expenditures are:
a.
education.
c.
defense.
b.
transfer payments.
d.
none of the above.
ANS: A PTS: 1 DIF: 1 NAT: Analytic
6. State and local governments purchases are about half:
a.
interest on debt.
c.
defense.
b.
transfer payments.
d.
none of the above.
ANS: D PTS: 1 DIF: 2 NAT: Analytic
7. The government budget constraint without borrowing is:
a.
Gt + Vt = Tt + (Mt - Mt-1 )/P
c.
Gt - Vt = Tt
b.
Gt = Tt + Vt
d.
Gt - Vt = Tt - (Mt - Mt-1 )/P
ANS: A PTS: 1 DIF: 3 NAT: Ana
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