«Великая Победа – неиссякаемый источник воспитания патриотизма»

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2 5.5
Government spending is a key instrument for the execution of government economic policy. A deficit occurs when the income for a year is less than the expenditures for the year. When the government adopts a deficit budget it must borrow money to pay its bills for the year.
The national debt is the money that the federal government has borrowed because expenses exceeded tax revenue. Interest payments on the national debt are a major item in the budget. The national debt usually increases rapidly during wars.
The debt may have an inflationary effect on the economy. The national debt increases the demand for money. When the government borrows money, it may cause interest rates to increase. Then, crowding out may result.Crowding out occurs when heavy government borrowing causes interest rates to increase, thereby preventing other potential borrowers from taking out loans. Government borrowing may, in effect, use money that could be lent to businesses or individuals. Crowding out does have several effects on the economy.
The national debt also influences the total demand for goods and services in the economy. Government spending often exceeds government revenue, increases total demand. A growing national debt means that the federal government is spending more than it receives in taxes. This situation promotes higher employment and higher prices, and it reduces business expansion and home purchases.
2.5.6 Look at the missing parts а-k and fit them in the gaps.
There is one extra you don't need.
a reduces business expansion and home purchases
b adopts a deficit budget
с may have an inflationary effect on the economy
d crowding out may result
e is a key instrument for the execution of government economic policy
f often exceeds government revenue