As a result of the global financial crisis in 2008, _____
a. U.S. interest rates fell and the cost of servicing U.S. debt decreased
b. U.S. citizens increased their purchase of foreign securities
c. U.S. chronic deficits increased and debt service costs overwhelmed the budget
d. debt issued by U.S. government entities was judged to be the safest in the world
e. there was downgrading of the nation's credit risk by the chief credit-rating agency in 2011
a
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Which of the following is true with regard to economic growth?
a. Real GDP could grow in a society at the same time that real per capita GDP did not b. For a given population, real GDP growth implies real per capital GDP growth. c. If the population grew at the same rate as real GDP, real per capita GDP would not change. d. All of the above are true.
Figure 3.3 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, there is an:
A. excess demand of 8 t-shirts. B. excess supply of 8 t-shirts. C. excess demand of 10 t-shirts. D. excess supply of 10 t-shirts.