Public Finance and Aggregate Demand/Supply questions.

1. Which is the largest source of revenue for the Federal government? What item takes the largest share of spending?

1. What is the most recent outstanding national debt of United States? Assuming a 340 million population in United States, what is the per capita debt of United States?

1. Debt to GDP ratio is considered a key indicator of a country's true debt burden - similar to personal debt to income ratio. According to OECD numbers, which five countries have the highest debt to GDP ratio? Is United States in the top five?

1. How will the following affect aggregate demand? (Increase or decrease)
2. Consumers expect an economic downturn.
3. Business taxes are reduced.
4. Government issues stimulus checks to majority of Americans.
5. Exports from United States go up.

1. How will the following affect aggregate supply? (Increase or decrease)
2. The cost of energy products go up.
3. The federal government reduces business regulations.
4. Cheaper raw materials.
5. Political instability.

https://treasurydirect.gov/govt/reports/pd/pd_debttothepenny.htmLinks to an external site.

https://data.oecd.org/gga/general-government-debt.htmLinks to an external site.

Percent of spending, including discretionary and mandatory Housing Energy 1% Science Int'l Affairs 1% 1% 2% Labor Education 1% 3% Food & Agriculture 4% Transportation Health 4% 28% Veterans 4% Remainder 9.1% Defense/Homeland Security Social Security 16.2% 25.3%PETER G. The federal government collects revenues from a variety of PETERSON FOUNDATION sources Projected 2022 Revenues $4,836 Billion Excise Other Customs Duties 2% 4% 2% Corporate Income 8% Individual Income Payroll 54% 30% SOURCE: Congressional Budget Office, The Budget and Economic Outlook: 2022 to 2032, May 2022. NOTE: Other includes estate and gift taxes, income from the Federal Reserve, and miscellaneous fees and fines. @ 2022 Peter G. Peterson Foundation PGPF.ORG