Gross public debt is
A. the total value of budget deficits plus budget surpluses over the past five years.
B. an excess of government spending over government revenues during a given time period.
C. all federal government debt irrespective of who owns it.
D. a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period.
Answer: C
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Suppose you came across the following headline in a story of a daily newspaper: "Automobile prices are so high right now that there must be a shortage. As a consequence not everyone who needs an automobile will be able to buy one
" Is this statement necessarily correct?
Which of the following is evidence of a shortage of chocolate?
A) The price of chocolate is raised in order to increase sales. B) Firms lower the price of chocolate. C) The equilibrium price of chocolate falls due to a decrease in demand. D) The quantity of chocolate demanded is greater than the quantity supplied.
The difference between the exports and imports of goods in a country is referred to as the
A) balance of payments. B) balance of trade. C) balance of power. D) exchange rate.
Refer to the tables. Suppose that resources in North Cantina and South Cantina are identical in quantity and quality. We can conclude that:
Answer the question on the basis of the following production possibilities tables for two countries, North Cantina and South Cantina:
A. South Cantina has better technology than North Cantina in producing both capital and
consumer goods.
B. North Cantina has better technology than South Cantina in producing both capital and
consumer goods.
C. North Cantina is growing more rapidly than South Cantina.
D. North Cantina has better technology than South Cantina in producing consumer goods but
not capital goods.