The public debt is
A) an excess of government spending over government revenues during a given time period.
B) all federal government debt irrespective of who owns it.
C) a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period.
D) the total value of all outstanding federal government securities.
D
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It has been argued that banks tended not to take full advantage of issuing notes, thereby passing up potential profits because:
a. the profit amounts were small. b. they were not the types of profits conservative bankers wanted to pursue. c. regulations and opportunity costs involved with the issuance itself limited the profits. d. All of the above are correct. e. Only a and c are correct.
Five possibilities are equally likely and have payoffs of $2, $4, $6, $8, and $10 . The expected value is:
a. $4 b. $5 c. $6 d. $7