4.5.3-4.5.4 Public sector finances and macroeconomic policies in a global context: แบบฝึกหัด

• a.is caused solely by a temporary downturn in the business cycle.
• b.is funded through the sale of government bonds to the central bank.
• c.remains even when the economy is operating at its full potential output.
• d.consists only of capital expenditure on infrastructure projects.

• a.A decrease in real GDP growth leading to lower VAT receipts and higher welfare payments.
• b.An aging population requiring higher long-term healthcare and pension spending.
• c.A permanent reduction in the standard rate of corporation tax.
• d.A decision by the government to increase the long-term budget for military defense.

• a.automatic stabilisers
• b.discretionary fiscal policy
• c.supply-side structural reforms
• d.monetary policy transmission

• a.Low inflation and a high structural deficit.
• b.A falling exchange rate and a primary budget deficit.
• c.High rates of real GDP growth and a primary budget surplus.
• d.A persistent cyclical deficit and high interest rates on government bonds.

• a.The fiscal deficit represents the total amount owed to foreign creditors, while the national debt represents internal borrowing.
• b.The national debt is a flow variable that changes monthly, while the fiscal deficit is a stock variable measured at the end of the year.
• c.The fiscal deficit is always larger than the national debt because it includes interest payments.
• d.The fiscal deficit is a flow variable representing the annual shortfall between expenditure and tax revenue, while the national debt is a stock variable representing the total accumulated debt.

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