The ratio of public debt to GDP for the United States,
a. is higher than it was in the 1940s
b. is not unlike the ratios in most industrialized countries
c. is substantially less than the ratios in most industrialized nations
d. is approximately 0.33
e. puts the U.S. economy on the verge of bankruptcy
B
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Recall the Application. If the decrease in price of illegal drugs is primarily due to a change in supply, the equilibrium quantity of drugs
A) will increase. B) will decrease. C) will not change. D) may or may not change.
The government proposes a tax on halogen light bulbs. Sellers will bear the entire burden of the tax if the
A) demand curve for halogen bulbs is vertical. B) demand curve is downward sloping and the supply curve is upward sloping. C) supply curve of halogen bulbs is horizontal. D) demand curve for halogen bulbs is horizontal.
Banks hold capital because
A) they are required to by regulatory authorities. B) higher capital increases the returns to the owners. C) it increases the likelihood of bankruptcy. D) higher capital increases the return on equity.
Given the level of real GDP, the equilibrium level of the interest rate depends on the
A) demand for money. B) monetary-fiscal policy mix. C) size of the multiplier. D) extent of crowding out.