Explain the differences between the public debt and the government budget deficit
What will be an ideal response?
The public debt is a stock measured at a point in time, while the government budget deficit is a flow measure. The public debt changes as a result of government budget deficits or surpluses. The public debt is the total value of all outstanding federal government securities.
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The members of the Federal Reserve's Board of Governors
a. are elected to office by the public every fourteen years. b. are nominated by the U.S. Senate banking committee and confirmed by the U.S. house of representatives. c. are elected by bankers in each Federal Reserve Region. d. are appointed by the president of the U.S. and confirmed by the U.S. Senate.
Social costs are
A. borne by individuals who incur them. B. borne by no one in society. C. the full cost borne by society whenever a resource use occurs. D. costs that are borne by the government.
Under the rational criminal model, an increase in the probability of getting caught will
A. generate more income for pro bono defense attorneys. B. increase crime. C. decrease crime. D. have no effect on crime.
The productivity of workers in an economy is high if:
A) the economy has a negative rate of inflation. B) the economy has low capital stock. C) the economy has high levels of human capital. D) the economy has a large working age population.