The public debt can be thought of as
A) the total amount the government spends for goods and services.
B) the total amount consumers owe on their credit cards.
C) accumulated budget deficits and surpluses.
D) the total amount in taxes consumers pay to the government.
C
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A currency is undervalued if its exchange rate vis-à-vis a foreign currency is:
A) not pegged. B) at the equilibrium exchange rate. C) above the equilibrium exchange rate. D) below the equilibrium exchange rate.
A perfectly competitive firm faces a demand curve that is
A) perpendicular to the quantity axis. B) horizontal. C) vertical. D) perfectly inelastic.
After 1980, the following is true
A) money is a leading variable. B) any lead/lag relationship between money and real GDP is difficult to detect. C) money is a lagging variable. D) money is coincident.
A kinked demand curve
a. results from the heavy advertising expense required. b. occurs because, when one seller lowers the price, no one else will do so. c. is a basic characteristic of monopolistic competition markets. d. tends to be inelastic for price decreases and elastic for price increases.