If the national debt rises to the debt ceiling and there is currently a budget ________, the Congress and the President must agree to ________ the debt ceiling or else the federal government will have insufficient funds to pay its bills and will be forced to shut down
a. surplus, lower
b. deficit, raise
c. surplus, lower
d. none of the above
b
You might also like to view...
Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways
Indicate whether the statement is true or false
When the Fed changes the quantity of money, there is an immediate effect on
A) the inflation rate but not the price level. B) the nominal interest rate. C) real GDP. D) the price level and the inflation rate. E) the price level but not the inflation rate.
The less bowed the Lorenz Curve, the
A) more equal the income distribution. B) less equal the income distribution. C) greater the number of low-income people. D) greater the number of high-income people.
From the perspective of supply-side economists, a cut in tax rates will:
A. Increase output but will increase the budget deficit B. Increase unemployment but will reduce the budget deficit C. Reduce unemployment but will increase the budget deficit D. Reduce unemployment and also reduce the budget deficit