Which of the following statements is true?
a. The national debt is the current year's amount by which the government is spending more than it collects as taxes.
b. Deficits are financed by the government issuing for sale more government securities.
c. The debt ceiling refers to the amount of debt at which the government is officially declared as being bankrupt.
d. Internal national debt is the portion of the national debt owed to foreigners.
b
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During the 1930s, labor legislation was
(a) generally favorable to organized labor. (b) generally unfavorable to organized labor. (c) generally neutral with regard to organized labor. (d) virtually the same compared to previous periods.
Excess capacity typically occurs
a. in the short run in perfect competition b. in the short run in monopolistic competition c. in long-run equilibrium in perfect competition d. in long-run equilibrium in monopolistic competition e. usually in markets experiencing an increase in demand