1. When the government spends more than it receives in taxes, and public savings (T - G) is negative, the national savings and investment identity is written as _____. Group of answer choices

A. S + (M + X) = I + (G + T)

B. S = I + (M - X) + (T - G)

C. S + (M - X) + (T - G) = I

D. I = S + (T - G) + (M - X)

2. If the state of Oregon's government collects $99 billion in tax revenues in 2019 and total spending in the same year is $109 billion, the result will be a _____. Group of answer choices

A. untaxable budget

B. balanced budget

C. budget surplus

D. budget deficit

3. If government tax policy requires Jane to pay $45,000 in taxes on annual income of $200,000 and Mary to pay $35,500 in tax on annual income of $140,000, then the tax policy is _____. Group of answer choices

A. optional

B. progressive

C. regressive

D. proportional

4. If the U.S. dollar strengthens, which of the following parties will benefit? Group of answer choices

A. international tourists who are visiting the United States

B.Japanese investors who have money in the United States

C.U.S. firms that only export to Europe

D. U.S. investors that have money abroad

5. If a government increases taxes in order to decrease the level of aggregate demand, what type of fiscal policy is being used? Group of answer choices

A. expansionary

B. contractionary

C. merged

D. dollarized 6. Say's Law argues that _____ creates its own _____ Group of answer choices

A.supply; demand

B. profit; accounting

C. regulation; taxation

D. demand; supply 7. When a government uses a hard peg exchange rate policy, it sets a _____ value for the exchange rate. Group of answer choices

A. free-to-change

B. permanent zero

C. fixed and unchanging

D. merged 8. The unemployment rate in a town with a total labor force of 62,310 persons and unemployment of 9,900 persons is approximately _____. Group of answer choices

A. 0.8 percent

B. 15.8 percent

C. 20.8 percent

D. 16.8 percent 9. Which of the following is a monetary policy tool used by the Fed? Group of answer choices

A. changing the discount rate

B. labor supply

C. fiscal policy

D. lower corporate tax rates 10. In the AD/AS model, the recovery from economic recession will be represented by _____. Group of answer choices

A. a rightward shift in the equilibrium of the AD and AS curves, bringing the economy closer to potential GDP

B. a leftward shift in the equilibrium of the AD and AS curves, bringing the economy further from potential GDP

C. a sudden drop in the price level of the economy

D. a gradual rightward shift in the vertical line representing potential GDP 11. You want to save money and buy something later. You deposit $200 in your bank now, and in two months you use the $200 to make your purchase. In this case, money has served as a _____. Group of answer choices

A. store of value

B. unit of scale

C. unit of account

D. barter system

12. Suppose the velocity is 5.5, the money supply is $1,211 billion, and the price level is 100. By how much will nominal GDP increase if the central bank increases the money supply by $299 billion and the price level also increases to 107?

Increase of $_____ billion.