The largest percentage of U.S. national debt to GDP occurred during
A. World War II.
B. The Civil War.
C. The Great Depression.
D. World War I.
Answer: A
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Which of the following most accurately describes the aggregate supply curve?
a. It shows the price level associated with firms' unit costs and markups for any level of GDP. b. It is the sum of all individual firms' supply curves. c. It is determined by the federal government. d. It shows firms' unit costs for each level of GDP. e. It shows the equilibrium level of GDP corresponding to each price level.
The idea that bursts of economic activity are based on the introduction of new inventions and innovations is at the heart of
a. the real business cycle theory b. the innovation cycle theory c. the economic theory of radical change d. Adam Smith's economic growth theory e. Keynes's economic growth theory