A country has been in existence for only two years. In the first year, receipts were $1.0 million and outlays were $1.5 million. In the second year, receipts were $1.5 million and outlays were $2.0 million. At the end of the second year, the government had issued debt worth _________.
Fill in the blank(s) with the appropriate word(s).
$1 million
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
In many corporations, the managers of the corporation run the corporation, although the shareholders own the corporation. In this situation
A) there is no corporate governance. B) there is separation of ownership from control. C) there are no outside directors on the board of directors. D) there are no inside directors on the board of directors.
Which of the follow is not a property of the aggregate demand curve?
A. It shows the relationship between the overall price level and the level of total demand. B. The aggregate demand curve slopes downward. C. It shows the relationship between the overall price level and level consumption. D. It shows the price level on the vertical axis and output on the horizontal axis.
Federal spending on defense comes to about _____ per person in the United States.
A. $1,000 B. $1,900 C. $2,700 D. $3,500