The national debt:
a. is a flow variable measuring the net accumulation of past deficits
b. is a stock variable measuring the net accumulation of past deficits.
c. measures the amount by which government revenues exceed outlays in a particular year.
d. includes the projected liabilities of Social Security, Medicare, and other federal retirement programs.
e. includes outstanding liabilities of federal, state, and local governments minus government financial assets.
b
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What is the value of the MPC if $66 out of every $100 increase in disposable income is consumed?
A) $34 B) 0.34 C) 0.66 D) $166 E) More information is needed to determine the MPC.
The LM curve will be vertical and fiscal policy ineffective when
A) the demand for money is unaffected by changes in the interest rate. B) the demand for money is unaffected by changes in income. C) investment is unaffected by changes in the interest rate. D) investment is unaffected by changes in income.