The gross public debt is the
A. total of all accumulated deficits and surpluses.
B. amount of U.S. paper currency and coins in circulation.
C. difference between current government expenditures and tax revenues.
D. ratio of past deficits to past surpluses.
Answer: A
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A low rate of inflation, whereby prices increase so slowly from week to week that we hardly notice the change, is referred to as
a. zero inflation b. creeping inflation c. nominal inflation d. real inflation e. episodic inflation
If the spending multiplier is 3 and the desired amount of increase in real GDP is $270 billion, then by how much would government spending have to increase?
a. $270 billion b. $90 billion c. $30 billion d. $10 billion
The rule of reason originated in the __________________ case of 1920.
Fill in the blank(s) with the appropriate word(s).
If the exchange rate of U.S. dollars for yen is 100.yen to $1 (U.S.), then the exchange rate of yen for U.S. dollars is
A. .01 (1/100) dollars per yen. B. -.1 (1-1.1) dollars per yen. C. 99 (100-1) dollars per yen. D. not knowable from this data.