In August 2011, Standard & Poor's (S&P) changed its rating on U.S. Treasury bonds from "AAA" to "AA+" based on the state of the federal government's budget deficit
This was the ________ a rating agency had given Treasury bonds less than a rating of "AAA".
A) first time ever B) second time since the year 2000
C) fifth time in history D) first time since the Great Depression
C
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When people cannot be excluded from consuming a good, even if they have not paid for the good, competitive markets would
A) produce more of the good than society needs. B) allocate more resources than the efficient amount to the production of the good. C) produce the good so that people could enjoy a "free ride." D) produce less than the efficient quantity. E) eliminate the deadweight loss.
Assuming that the value effect dominates, the current account will increase if
A) the real exchange rate decreases. B) the real exchange rate increases. C) disposable income increases. D) exports fall. E) domestic prices fall.
The ability to control a scarce resource or input is a characteristic of perfect competition.
Answer the following statement true (T) or false (F)
The Bank of the United States faced opposition from which of the following?
A) local banks who resented the Bank's supervision B) advocates of limited government who distrusted its power C) farmers and small businesses who resented the Bank's interference with their ability to obtain loans D) all of the above