Suppose the Federal Budget Surplus for the Year Was $350

question 20

Multiple Choice

Suppose the federal budget surplus for the year was $350 billion and the economy were in an economic expansion.If the economy had been at potential GDP,it is estimated that tax revenue would have been $140 billion lower and government spending on transfer payments would have been $50 billion higher.Using these estimates,the cyclically adjusted budget

• A) deficit was $440 billion.
• B) deficit was $260 billion.
• C) surplus was $160 billion.
• D) surplus was $540 billion.

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Definitions:

Ways of Knowing

Various methods or means through which knowledge is acquired, including but not limited to perception, reason, emotion, and language.

Connected Knowing

An epistemological approach that emphasizes understanding and empathy to know others by trying to see things from their perspectives.

Cognitive Tasks

Activities that require mental processing and use, aimed at testing or improving cognitive functions such as memory, attention, and problem-solving.

Mental Rotation

A type of visual imagery task in which participants are asked to form an image of a stimulus and then to imagine how it would look as it rotates around a horizontal or vertical axis.