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Government spending: Quiz

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Question 1: Health care spending takes off after the birth of Medicare and ________ in the 1960s and shows sustained growth ever since.
MedicaidSocial Security (United States)State Children's Health Insurance ProgramSocial Security debate (United States)

Question 2: Government spending can be financed by ________, taxes, or government borrowing.
Full-reserve bankingSeigniorageMoneyHyperinflation

Question 3: Major spikes in spending occurred in ________ and World War II.
Western Front (World War I)Armenian GenocideCaucasus CampaignWorld War I

Question 4: ________
Tax revenue as % of GDP
Value added taxTax rates around the worldTax havenGovernment budget by country

Question 5: The ________ publishes an overview of government spending every year in the Statistical Abstract of the United States[2]
Midwestern United StatesUnited States Census BureauNew EnglandSouthern United States

Question 6: Chart showing how the ________ spends the federal tax revenue.
United States SenateUnited States Congress110th United States Congress111th United States Congress

Question 7: Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (________), which usually is the largest part of the government gross capital formation.
Gross fixed capital formationEconomic growthGross domestic productInflation

Question 8: In ________, increased government spending is thought to raise aggregate demand and increase consumption.
Keynesian economicsSupply-side economicsCapitalismJohn Maynard Keynes

Question 9: The first two types of government spending, namely government final consumption expenditure and government gross capital formation, together constitute one of the major components of ________.
EconomyEconomicsGross domestic productJEL classification codes

Question 10: ________ was one of the first economists to advocate government deficit spending as part of the fiscal policy response to an economic contraction.
John Maynard KeynesFriedrich von HayekMilton FriedmanKeynesian economics







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