During 2008 and 2009, the debt to GDP ratio in the United States
A) remained relatively unchanged, as it has since the mid 1970s.
B) fell to its lowest level since World War I.
C) is the highest it has been since the founding of the country.
D) rose to its highest level since World War II.
D
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A substitution effect of a price change is represented by:
A) movement along the same indifference curve. B) movement to a different indifference curve. C) a change in the initial budget line to a new budget line. D) a change in the slope of the initial budget line.
Which of the following is likely to cause a fall in the wage rate and an increase in the number of workers hired in a local cotton mill?
A) A reduction in wage paid in a nearby jute mill B) The introduction of labor-saving technology in the mill C) The introduction of labor-complementary technology in the mill D) A decrease in the population of the region in which the cotton mill is located