Which of the following appears on the liability side of the Fed's balance sheet?

Between 1955 and 2006, the federal government purchases of goods and services as a percentage of GDP has:

a. generally trended downward b. Not changed. c. Grown by about 10%. d. Tripled.

Which of the following would be true if all the national debt were owned internally?

A. The federal government would not need to refinance the national debt. B. The federal government would not need to worry about raising taxes to pay interest on the national debt. C. We would still be concerned about the effect on the distribution of income from interest payments on the national debt. D. Budget surpluses would be more likely than budget deficits.