The national debt is the amount
A) by which government outlays exceed tax revenue in a given year.
B) by which government tax revenue exceed outlays in a given year.
C) of government outlays summed over time.
D) of debt outstanding that arises from past budget deficits.
E) of all future entitlement spending.
D
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A person is betting a coin will come up heads or tails. The coin always lands on one of these two outcomes. This person can bet to
A) eliminate only the systematic risk. B) eliminate only the random risk. C) eliminate all risk. D) All of the above.
When U.S. farmers in the Southwest irrigate their land, salt in the ground soil leaks into the Colorado River. The Colorado River has become so salty that Mexican farmers further down the river cannot irrigate their own land and Mexican crops have been devastated. This situation constitutes a negative externality because: