The debt-GDP ratio
A) fell sharply after 1997 due to a high output ratio and higher income tax rates.
B) rose from 1981-1992 due to large budget deficits.
C) began to decline in 1993.
D) all of the above.
D
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The Ricardian model of comparative advantage lends support to the argument that
A) trade tends to worsen the conditions of unskilled labor in rich countries. B) trade tends to worsen the conditions of owners of capital in rich countries. C) trade tends to worsen the conditions of workers in poor countries. D) trade tends to worsen the conditions of workers in rich countries. E) trade is mutually beneficial to the countries that engage in it.
Economists consider cyclical unemployment to be the byproduct of a healthy economy
a. True b. False Indicate whether the statement is true or false
If the price of inputs rises and foreign income rises:
a. Price index falls, and real GDP falls. b. Price index falls, and the change in real GDP is uncertain. c. The change in price index is uncertain, and real GDP rises. d. Neither the price index nor real GDP changes. e. Price index rises, and the change in real GDP is uncertain.
In calculating the GDP, national income accountants:
A. treat inventory changes as an adjustment to personal consumption expenditures.
B. ignore inventories because they do not represent final goods.
C. subtract increases in inventories or add decreases in inventories.
D. add increases in inventories or subtract decreases in inventories.