Net public debt is
A. the sum owed by the public to keep the Social Security system afloat.
B. the portion of government debt held by private individuals and firms.
C. the excess of annual government spending over annual tax revenues.
D. the excess of annual tax revenues over annual government spending.
Answer: B
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Does the gross domestic product account measure the market value of all goods and services?
A) No, because that would include double-counting. B) Yes, because the data is readily available. C) Yes, except for illegally exchanged goods and services. D) Yes, otherwise the gross domestic product accounting system is not a reliable indicator of economic activity.
Which of the following statements is true?
a. Foreigners owned $16.30 in U.S. assets b. U.S. residents owned $13.8 trillion in foreign assets c. U.S. residents owned $2.5 trillion more assets in the United States than foreigners owned abroad d. Foreign purchases of assets in the U.S. subtract from America's productive capacity e. Income from foreign-owned assets in the U.S. flows to Americans
The personal income tax varies as GDP changes
a. True b. False Indicate whether the statement is true or false
Personal income taxes rise. This lowers __________, which lowers __________ and the __________ curve shifts __________
A) net exports; aggregate demand (AD); AD; leftward B) consumption; short-run aggregate supply (SRAS); SRAS; rightward C) government revenue; net exports; AD; rightward D) consumption; aggregate demand (AD); AD; leftward E) none of the above