The difference between gross public debt and net public debt is that
A) net public debt includes interagency borrowing while the gross domestic product debt does not.
B) net public debt is expressed in real terms while gross public debt is expressed in nominal terms.
C) gross public debt includes interagency borrowing while net public debt does not.
D) gross public debt is held by individuals while net public debt is held by the government.
C
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In the figure above, if the minimum wage rate is $8 per hour, then after taking account of resources lost in job search, the workers' surplus is the area ________ and the firms' surplus is the area ________
A) e; c B) d; b C) a; f D) f; a E) a + b + c + d + e; f
The competitive firm's profit-maximizing quantity of labor is the quantity where the:
A. quantity of the marginal product of labor is equal to the market wage. B. value of the marginal product of labor is equal to the market wage. C. quantity of the marginal product of labor is equal to zero. D. value of the marginal product of labor is equal to the profit.
Like negative externalities, tradable permits are useful in allocating common resources because:
A. the depletion of common resources imposes a negative externality. B. the problem present in both is overconsumption. C. the socially optimal quantity is not the same as the individual consumers in either case. D. All of these statements are true.
Which of the following government policies might increase labor supply?
a. Increasing transfer payments to the needy. b. Decreasing income tax rates. c. Increasing income tax rates. d. Increasing the availability of government training programs. e. Increase payroll taxes.