翻譯段落：
The effect of governmental expenditures on the total economy varies with both the level of utilization of labor and capital in the economy at the time of the expenditure, and the segment of the economy which receives the expenditure. If the economy as a whole or the segment of the economy which is the focus of the expenditure is operating at capacity or close to capacity, then the expenditure’s major effects will tend to be inflationary, and will not generate much employment of capital and labor. If the economy or sector is operating at much less than full employment, the expenditure will produce a genuine (non-inflationary) rise in the GNP.
A true measure of the effect of governmental increase in the amount of money made available, then, is not the simple dollar value of the initial injection but the cumulative effect of this injection through spending and re-spending. In the optimum case the initial expansion of income flow could be great enough to produce tax revenues in excess of the original "deficit spending" or the "tax cut", so that deficits are not only smaller than the increased GNP but are recouped. In Keynesian economics the fundamental point of government policy clearly is not budget-balancing but spending in the event of unused productive capacity and unemployment. Spending increases productivity. This productivity resulting from federal spending has overwhelmed the older economic myths of the balanced budget where government is conceived of as just another business firm.
參考譯文：
政府支出對於整個經濟的影響作用，受到以下兩個因素的制約。第一，政府支出之時勞動力和資本的利用情況;第二，接受(政府)支出的經濟部分。如果整個經濟或接受(政府)支出的經濟領域充分地或接近充分地發揮效能，那麼政府支出的效果不會很大，所以資本和勞動力也不會得到充分利用。而如果經濟潛能並未充分發揮，政府支出則會真正促進GNP的增長。
對於政府增加支出而產生的效果，真實的衡量標準並非在於最初的支出數額，而在於這一筆開支經過多次投入而產生的長期效果。 在理想的情況下，最初的收入增長產生的稅收會超過最初的“負債投入”或“減免的稅收”。這樣，赤字不僅小於GNP的增長，而且得到了補償。凱恩斯的經濟學理論認爲，政府決策的重點並非在於平衡預算，而在於生產能力沒有得到充分發揮，失業率居高不下之時增加支出。 聯邦支出可以促進生產能力這一理論使得傳統的經濟理論受到挑戰。這是因爲後者認爲政府應發揮類似公司的職能，盡力平衡預算。
翻譯點評：
1. The effect of governmental expenditures on the total economy varies with both the level of utilization of labor and capital in the economy at the time of the expenditure, and the segment of the economy which receives the expenditure.
關於本句斷句:
對於英語長句，原則上應該進行斷句處理。斷句時，應注意英語動作名詞以及動詞的標記作用。本句一般情況下可以分成三句處理。The effect of governmental expenditures on the total economy：政府支出對整個經濟產生影響。varies with both：這種影響受制於以下兩大因素。the level of utilization of labor and capital in the economy at the time of the expenditure, and the segment of the economy which receives the expenditure：第一，政府開支之時勞動力和資本的利用情況;第二，接受開支的經濟部分。加上“第一”、“第二”使中文譯文更加具有條理性。翻譯具有某種體裁特徵的文章，也就是genre，譯者有必要對譯文用詞構句作適當的調整，以符合中文此類文章的口吻。在參考答案中，本句，乃至全文的翻譯都經過了一定程度的細微調整或者說“改寫”。
關於定語從句的翻譯:
定語從句分爲限制性定語從句和非限制性定語從句兩種。非限制性定語從句一般可單獨譯成獨立的中文句子;限制性定語從句則需根據具體情況加以處理。which receives the expenditure作爲限制性定語從句修飾the segment of the economy，與先行詞關係密切，不宜譯成獨立的`中文句子。
2. If the economy or sector is operating at much less than full employment, the expenditure will produce a genuine (non-inflationary) rise in the GNP.
關於employment:
詞的準確意思存在於上下文之中。這個斷言在這裏得到了充分的證實。許多考生誤以爲這裏的employment與上句中的employment同義。實際上，上句中的employment是“利用”的意思，而本句中的employment則與is operating at capacity or close to capacity中的capacity相當，可譯爲“發揮(效能)”。這種利用上下文“引申”、“猜測”詞義的能力在閱讀翻譯英美原版文章時尤爲重要。
