The public debt is the:
A. total of all past deficits minus all past surpluses.
B. difference between current government expenditures and revenues.
C. ratio of all past deficits to all past surpluses.
D. amount of U.S. paper currency in circulation.
Answer: A
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Refer to Figure 4-4. What is the value of producer surplus at a price of $18?
A) $240 B) $300 C) $340 D) $720
The real price trendline for non fuel primary commodities from 1960-2005 has been
(a) Unchanged (b) Steadily increasing (c) Steadily decreasing (d) First decreased and then increased.
Which of the following types of economic data are revised over time as government data collection agencies receive more complete information?
A) interest rates B) employment C) stock prices D) all of the above
Which of the following statements correctly defines the law of demand?
a. The lower the price of a commodity, the lower the quantity demanded of that commodity. b. As the price of a commodity increases, the quantity demanded of that commodity also increases. c. The lower the price of a commodity, the greater the quantity demanded of that commodity. d. The lower the price of a commodity, the greater the quantity supplied of that commodity. e. The quantity demanded of a particular good decreases with an increase in the price of a substitute good.