1.	A ________ occurs when a government’s total expenditures exceed the revenue that is generated, excluding money from borrowings ?
	Current Account Deficit
	Budgetary Deficit
	Revenue Deficit
	Fiscal Deficit
	Answer: Fiscal Deficit Explanation: Fiscal Deficit = Total Expenditure - Total Revenue(without borrowing) Current Account Deficit is when a country’s import exceeds it’s export Budgetary deficit is the sum of revenue account deficit and capital account deficit. If revenue expenses of the government exceed revenue receipts, it results in revenue account deficit.
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2.	Name the Nobel Prize winning American economist whose report to the US Congress titled “National Income, 1929-35” paved the way for the calculation of Gross Domestic Product (GDP) as the ultimate measure of a country’s overall welfare ?
	Paul Samuelson
	John Maynard Keynes
	Simon Kuznets
	Kenneth Arrow
	Answer: Simon Kuznets Explanation: Simon Kuznets, a Russian-American development economist and statistician, was awarded the 1971 Nobel Memorial Prize in Economics for his research on economic growth. He is best known for his work on the calculation of Gross Domestic Product (GDP) as the ultimate measure of a country’s overall welfare.
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