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1. Suppose the government spends $3 trillion and collects S2 trillion in taxes this year. The is equal to A) debt; $1 trillion B) deficit; si trillion C) debt; $2 trillion D) deficit: $2 trillion E) discretionary spending; 5 trillion 2. A balanced budget requires that: spending exceeds revenues in order to be A) politicians vote for a budget in which eligible for reelection. ofthe previous year. B) a deficit in that year be smaller than that spending. C) spending equals discretionary D) deficit spending equals entitlement spending. E) None of the answers is correct. 3. Suppose that the Price Index rose by 3% from 2003 to Suppose that the 2 Consumer Which ofthe following is true? price of a pizza increased by 5% during that time. A) The nominal price of pizza increased. B) The real price of pizza increased. C) The real price of pizza did not change. D) Both a and b are correct. E) Both a and c are correct. 4. Suppose that the Consumer Price Index fell by 4% between this year and last year while the price of a typical automobile fell by 3%. Which of the following is true? A) The nominal price of a increased. B) The real price of a car increased C) The real price of a car did not change. D) Both a and b are correct. E) Both a and c are correct. between which two types of spending? 5. The budget spending and spending A) process deficit spending discretionary spending and spending C) surplus spending and deficit spending D) spending and surplus spending E) entitlement spending and discretionary