What is the difference between the federal budget deficit and the national debt?
a. The budget deficit is the amount by which expenditures exceed revenues in a particular year, while the national debt is the cumulative effect of all past budget deficits and surpluses.
b. The budget deficit is the cumulative effect of all prior national debts.
c. The national debt includes all outstanding bonds, while the budget deficit excludes bonds held by government agencies.
d. This is a trick question because there is no difference between the budget deficit and the national debt.
a. The budget deficit is the amount by which expenditures exceed revenues in a particular year, while the national debt is the cumulative effect of all past budget deficits and surpluses.
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Which combination is a clear example of "joint products"?
A) Pine paneling and cherry wood B) Cherry wood and cherries C) Cherries and apples D) Apples and crackers
In the real business cycle model, the short-run aggregate supply curve is always the same as ________
A) long-run aggregate supply B) the long-run aggregate demand schedule C) the velocity of money D) the real rate of interest