If one subtracts the amount of bonds held by agencies of the federal government and the Federal Reserve from the national debt, what remains is known as the
a. external debt.
b. privately held government debt.
c. trade deficit.
d. budget deficit.
B
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The removal in 1966 of the requirement that Catholics eat fish on Fridays was followed by a 12.5 percent fall in prices of fresh fish. From this it can be deduced that the
a. demand curve for fish shifted to the left. b. demand curve shifted to the right. c. supply curve shifted to the left. d. supply curve shifted to the right.
A popular resort restaurant will maximize profits if it chooses to stay open during the less-crowded "off season" when its total revenues exceed its variable costs
a. True b. False Indicate whether the statement is true or false
The term market mechanism refers to
A. The use of market prices and sales to determine resource allocation. B. Supply curves but not demand curves. C. The establishment of a ceiling price in a market. D. Government laws and regulations concerning how the market should operate.
The economic incentive for price discrimination depends on:
A. a desire to evade antitrust legislation. B. differences among buyers' demand elasticities. C. differences among sellers' costs. D. prejudices of business managers.