QUESTION 8 1. What is a discretionary fiscal policy?

Changes in tax or spending policy required administrative action by the federal reserve

Changes in monetary policy required administrative action by the president or congress

Changes in tax or spending policy required administrative action by the president or congress

Changes in monetary policy required legislative action by the president or congress

QUESTION 12 1. When does the budget cycle begins?

After fiscal year begins

During fiscal year

Before fiscal year begins

Two years before fiscal year begins

QUESTION 13 1. What year was the federal debt (as percentage of GDP) the highest?

1970

"1,945"

"2,000"

"1,965"

QUESTION 16 1. "If AD shifts to the left, it means that the following event occurred:"

Decrease in government expenditures

Increase in government expenditures

Decreases in tax rates

None of the above