This table shows three stages in the federal budgetary process. Select the appropriate month(s) of action for each of the stages. Stage Month(s) Presidential budget submission Budget resolution Congressional and presidential approvals IWhich of the following are true of the federal budgetary process? Check all that apply. The Congressional Budget Office (CEO) reports its evaluation at budget hearings in both the House of Representatives and the Senate. The budgetary process often goes astray due to delays in Congress. The president signs the spending and reyenue bills only after Congress passes them. All box drop down choices. JanuaryMay. February. FebruaryDecember. April. May. June. September Select the correct term for each of the following definitions in the table. Definitions Terms The total amount owed by the federal government to owners of government securities National debt minus all government interagency borrowing The portion of the national debt owed to foreign citizens An increase in private-sector spending as a result of federal budget deficits financed by U.S. Treasury borrowing The portion of the national debt owed to a nation's own citizens All drop down box choices. Budget resolution, Crowding-out effect, Crowding-in effect, External national debt, Debt ceiling, Internal national debt, National debt, The budget of the United States, Net Public debtPlease show on a graph were the expend, and rev goes please with exact points. The following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Revenue Expenditures GDP Year (Billions of dollars) (Billions of dollars) (Billions of dollars) 1929 3.9 3.1 103.6 1948 41.6 29.8 269.2 1967 148.8 157.5 832.6 1986 769.2 990.4 4,462.8 2005 2,153.9 2,472.2 12,421.9 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points. 25 20 Expenditures Revenues FEDERAL EXPENDITURES AND REVENUES (Percent of GDP) 8 0 192 1948 1987 1986 2005 YEAR (?) 25 GDP) -0-(?) 25 Expenditures 20 15 Revenues FEDERAL EXPENDITURES AND REVENUES (Percent of GDP) 10 0 1928 1948 1967 1986 2005 YEAR In which years was the government's budget in deficit? Check all that apply. 0 1929 1948 1967 1986 0 2005 In 1967, the national debt by drop down box choice box 1 -Decrease, increase box 2 - 148.8billion, 157.5billion, 87 billionThe following table contains approximate figures for gross domestic product (GDP) and the national debt in the United States for June 2001 and June 2011. The national debt represents the total amount of money owed by the federal government to holders of U.S. securities. All numbers are in trillions of dollars. Total National GDP Debt Debt Held by Debt Held Outside Fed. Govt. and Fed. Reserve (Trillions of (Trillions of Federal Foreign Ownership U.S. Ownership Dollars) Dollars) Government ( External National Debt) (External National Debt) and Federal (Trillions of Dollars) (Trillions of Dollars) Reserve (Trillions of Dollars June 2001 10.1 5.7 3.0 1.0 1.7 June 2011 15.2 14.3 4.6 4.5 5.2 Source: "U.S. Treasury, Bureau of Economic Analysis." Net public debt is the portion of the national debt that is held outside the federal government and the Federal Reserve System. In June 2001, the net public debt as a percentage of total national debt was In June 2001, the percentage of the U.S. national debt held by foreigners (external national debt) was The fraction of the national debt held by foreigners will eventually need to be repaid to foreigners, thereby reducing the collective purchasing power of Americans. Between 2001 and 2011, the fraction of the national debt held by foreigners The absolute level of the debt does not necessarily provide a clear indication of a nation's debt burden. Thus, economists often look at relative measures of the national debt. One possible relative measure of the national debt is the federal debt held by the public (outside the federal government and the Federal Reserve) as a percentage of GDP. In 2001, publicly held debt was of GDP. Between 2001 and 2011, publicly held debt as a percentage of GDP Drop down box 1- 47.4%, 50.8, 50.3, 55.1 drop down box 2 - 19.6%, 18,18.9,17.5 box 3 decrease, increase box 4 26.7,49.7%, 44.9,49.2 box 5 increase, decreaseWhich of the following concerns about the national debt are substantive? Check all that apply. O Paying off the U.S. national debt will require future generations of Americans to decrease their purchases of goods and services by an amount equal to the existing debt. As government securities mature, portions of the national debt come due. When this occurs, the only way for the government to obtain the necessary funds is to raise taxes or cut expenditures. The large U.S. national debt is in danger of bankrupting the federal government. Government's borrowing to refinance the debt may lead to higher interest rates. Higher interest rates reduce investment spending, leaving future generations with a smaller stock of capital goods.Please show were the Equil goes On the following graph, AD, represents the initial aggregate demand curve in a hypothetical economy, and AS represents the initial aggregate supply curve. The economy's full-employment output is $12 trillion. On the following graph, use the grey point (star symbol) to mark the equilibrium. (Note: You will not be graded on any adjustments made to the graph.) (?) 108 105 Equilibrium 104 103 102 PRICE LEVEL (CPD) 101 AD 2 100 AD 8 AD Full Employment 7 10 11 12 13 14 15 18 REAL GDP (Trillions of dollars) The initial short-run equilibrium level of real GDP is $ trillion, and the initial short-run equilibrium price level is Suppose the government, seeking full employment, borrows money and increases its expenditures by the amount it believes necessary to close the output gap. According to critics of Keynesian fiscal policy, the government policy may result in complete crowding out. Which of the followingThe initial shortrun equilibrium level of real GDP is trillion, and the initial shortrun equilibrium price level is Suppose the government, seeking full emplovment, borrows money and increases its expenditures by the amount it believes necessary to close the output gap. According to critics of Kevnesian fiscal policv, the government policv mav result in complete crowding out. Which of the following aggregate demand curves shown in the previous graph would be consistent with complete crowding out? AD1 ADQ ADg As a result, the equilibrium level of real GDP will be trillion, and the equilibrium price level will be ccording to critics of Keynesian fiscal policv, which of the following is true in this case? The increase in deficitfinanced government spending causes real GDP to increase, but not to fullemplovment output. The increase in deficitfinanced government spending causes real GDP to increase to fullemplovment output. Real GDP does not increase; onlv the price level increases. The increase in deficitfinanced government spending has no impact on real GDP and the price level