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) 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.
D) all federal government debt irrespective of who owns it.
D
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An overvalued exchange rate is an exchange rate:
A. at which the quantities of currencies demanded and supplied in the foreign exchange market are equal. B. that equals the number of units of a foreign currency over the number of units of domestic currency. C. that has an officially fixed value less than its fundamental value. D. that has an officially fixed value greater than its fundamental value.
The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
What are the effects of fiscal policy during normal times? What are the effects of fiscal policy during abnormal times?
What will be an ideal response?
Of the three agencies that have been created to promote residential housing, the only one that is an entity of the U.S. government is
A) Fannie Mae. B) Ginnie Mae. C) Freddie Mac. D) Sallie Mae.