Version B Question 1 The federal government started running a budget surplus in 1998. By 2002, the budget surplus had turned into a budget deficit. Why do you think the budget deficit returned in 2002? . Question 3 Refer to the following table to answer the questions that follow. Using the table, what is the value of M1?

Version B
Question 1 The federal government started running a budget surplus in 1998. By 2002, the budget surplus had turned into a budget deficit. Why do you think the budget deficit returned in 2002? .
Question 3 Refer to the following table to answer the questions that follow. Using the table, what is the value of M1?
Question 4 The Federal Reserve System was created in:
Question 7 If an initial increase in government spending of $100 billion leads to a total increase of $400 billion in income, the marginal propensity to consume in the economy is:
Question 11 In a fiat money economy, money is created when:
Question 12 At ___________ tax rates, ___________ in those tax rates lead to ___________ in total tax revenue.
Question 13 The y axis for the Laffer curve represents:
Question 14 When money is acting as a medium of exchange, it:
Question 15 Which of the following is not a characteristic of fiat money?
Question 22 In reality, individuals do not deposit all of their cash into the banking system. Consequently:
Question 24 ___________ is an example of an automatic stabilizer.
Question 27 Time lags, crowding­out, and savings shifts are all:
Question 33 The new classical critique of fiscal policy asserts that:
Question 39 In which of the following situations does money serve as a store of value?

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