External debt is that portion of the national debt
a. owed to investors outside the United States (foreign investors).
b. owed to the Federal Reserve system.
c. that the U.S. does not intend to repay.
d. owed to U.S. citizens and corporations.
A
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Which of the following is included in "compensation of employees" part of the income approach to measuring GDP? I. Wages and salaries. II. Pension fund contributions. III. Social Security contributions
A) I only B) I and II C) I and III D) I, II and III
Which of the following is not an appropriate policy for a central bank to follow if the economy is plagued with deflation?
A) consistently pursuing policy to promote the credibility of the central bank B) explicitly and credibly targeting inflation C) using expansionary monetary policy to drive down interest rates D) increasing the target interest rate on overnight loans
With increased specialization in the economy, principal-agent problems become
a. more numerous b. less numerous c. more severe, but there are fewer of them d. less severe, but there are more of them e. easier to solve
The federal debt is ____________ and the federal deficit is ______________.
A. the cumulative total of what the federal government owes; the amount the federal government overspent in a given year B. the amount the federal government overspent in a year; the cumulative total of what the federal government owes C. the total of what is projected to be spent in a given year; the total of what is projected to be earned in revenues in a given year D. None of these statements is true.