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WorksheetsU.S. Government Debt Quiz
Total questions: 13
Worksheet time: 7mins
As of Q4 2023, what was the debt-to-GDP ratio of the U.S. government?
100%
121.6%
135%
150%
What primarily causes the U.S. national debt to rise?
Decrease in government spending
Increase in tax collections
Spending exceeds tax collections
Export exceeds import
Which event caused the U.S. debt-to-GDP ratio to rise to 135% by mid-2020?
The American Revolution
The Great Recession
The COVID-19 pandemic
Tax cuts in the 1990s
What was the U.S. national debt as of April 1, 2024?
$34.63 billion
$34.63 trillion
$34.63 million
$34.63 thousand
According to the Congressional Budget Office (CBO) projections, what will the net interest outlays of the United States be in FY 2033?
A) $10.5 trillion
B) $1.4 trillion
C) $1.9% of GDP
D) 3.6% of GDP
What rating did Fitch Ratings assign to the United States' Long-Term Foreign-Currency Issuer Default Rating (IDR) on August 1, 2023?
A) AA+
B) AAA
C) A
D) BBB
What economic effect is described by the "paradox of thrift"?
A) Increased individual savings lead to decreased economic growth
B) Increased government spending leads to higher taxes
C) Decreased individual savings lead to increased economic growth
D) Increased individual savings lead to higher inflation
What does the national debt of the United States include?
A) Only Treasury bills
B) Treasury bills, notes, bonds, TIPS, FRNs, Government Account Series, and other securities
C) Only foreign loans and credits
D) Only domestic public loans
What is the primary claim of Modern Monetary Theory (MMT)?
A) Governments rely solely on taxes for spending
B) Governments should avoid printing money
C) Governments do not need to rely on taxes or borrowing for spending
D) Governments should limit their spending to avoid inflation
As of 2022, which country had the highest level of national debt as a percentage of GDP according to OECD data?
United States
Italy
Japan
Greece
What is the national debt level of the United States?
The amount the government earns from taxes
The total of all state debts
What the federal government owes its creditors
The sum of all personal debts in the U.S.
What could cause the U.S. government's debt financing costs to increase dramatically by 2033?
Decrease in national GDP
Lowering of the debt ceiling
Rising interest rates and mounting budget deficits
Reduction in government spending
What is a politically charged issue related to the U.S. national debt?
Tax reforms
Debt ceiling
Education funding
Healthcare policies
