In recent years, net interest on the national debt paid by the federal government as a percentage of GDP is equal to approximately:
a. 1 to 3 percent.
b. 5 to 9 percent.
c. 10 to 14 percent.
d. 15 to 19 percent.
e. 20-25 percent.
a
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If Sally drives less carefully after buying auto insurance, she illustrates
A) adverse selection. B) negative selection. C) moral hazard. D) lemon hazard.
Which of the following tools is used most often by the Fed for changing the supply of money?
A. Open market operations B. Reserve requirement C. Discount window D. Interest rate
Milk is considered a commodity because it is which of the following?
(A) The same product regardless of who sells it. (B) An agricultural product. (C) An inexpensive product. (D) A product that can be bought in many different ways.
Suppose a bumper wheat crop results in a 40 percent increase in output and sales, while the price elasticity of demand for wheat is about 0.8. Ceteris paribus, prices should
A. Rise by 8 percent. B. Rise by 50 percent. C. Fall by 8 percent. D. Fall by 50 percent.