The difference between the gross public debt and the net public debt is
A. the sum of all previously accumulated government budget deficits and surpluses.
B. all private-sector borrowing from private sources.
C. the sum of all previously issued U.S. government securities that have been purchased by foreign residents.
D. borrowing of government agencies from other government agencies within the nation.
Answer: D
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
If the per-worker production function shifts up
A) it now takes more capital per hour worked to get the same amount of real GDP per hour worked. B) the per-worker production function becomes flatter. C) an economy can increase its real GDP per hour worked without changing the level of capital per hour worked. D) negative technological change has occurred in the economy.
The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Turning PointDateReal GDP (1996 $ billions)(A)Feb. 19612352.9(B)Dec. 19693571.4(C)Nov. 19703566.5(D)Nov. 19734151.1(E)Mar. 19754010.0 Which of the following periods was an expansion?
A. November 1970 through November 1973 B. December 1969 through November 1973 C. November 1970 through March 1975 D. December 1969 through November 1970
Which statement is true about automatic stabilizers?
A. They have eliminated the business cycle. B. They have helped smooth out the business cycle. C. They have been completely ineffective. D. None of the statements are true of automatic stabilizers.