Please answer all the questions below

Question 1 (1 point) The marginal propensity to consume is the increase in consumer spending that occurs when national income rises by $1 Question 2 (1 point) If the Marginal Propensity to Save (M P5) is 0.30, the Marginal Propensity to Consume (M PC) is 0.70 Question 3 (1 point) The formula for the income multiplier is (1/M PC) Question 4 (1 point) Fiscal policy is the use of government spending and taxation policy to promote economic stability Question 10 (1 point) National debt may increase because of war, a recession, or an increase in transfer payments. Question 11 (1 point) If a nation cannot repay its debt, it declares bankruptcy. Question 12 (1 point) The government should balance its budget during a recession. Question 5 (1 point) If an economy is experiencing a recessionary gap, the appropriate fiscal policy is to cut government spending and raise taxes Question 6 (1 point) Expansionary fiscal policy can close a recessionary gap. Question 7 (1 point) A budget deficit occurs if government spending is greater than tax revenue in a given fiscal year. Question 8 (1 point) Since 2002, the economy has experienced only budget deficits. Question 9 (1 point) China is the biggest holder of our national debt