In the 20th century, the ratio of the U.S. debt to GDP has largely
A. Fallen to its lowest levels during recessions or depressions.
B. Risen in response to wars.
C. Been inversely related to the deficit to GDP ratio.
D. Fallen during wartime compared with prewar levels.
Answer: B
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Did the 1957 Treaty of Rome turn the EU into a truly unified market?
A) Yes, it paved the way for the current EMU. B) No, although it established a customs union, it failed to remove barriers to the movement of goods and factors within Europe. C) No, it was only after the German unification and locating the ECB in Frankfurt that unity was achieved. D) No, since the Northern members of the EU had larger endowments of capital and skilled labor. E) No, the Treaty of Rome created more trade barriers between European countries.
Distinguish between demand and quantity demanded. Do the same for supply and quantity supplied
Which of the following is not an example of price discrimination by a firm?
a. children's meals at a restaurant b. a natural gas company charging customers a higher rate in the winter than in the summer c. a senior citizens' discount d. coupons in the Sunday newspaper
If a country's international reserves are increasing, then its exchange rate is ________ and there is a balance-of-payments ________.
A. overvalued; surplus B. undervalued; deficit C. overvalued; deficit D. undervalued; surplus