The national debt is defined as the total
a. amount that U.S. citizens owe to foreigners.
b. value that U.S. citizens borrow from foreigners during any time period.
c. value of government's indebtedness at any moment in time.
d. amount by which government's expenditures exceed receipts during any time period.
c
Economics
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If the quantity of goods and services produced in an economy decreases,
A) it may be possible for nominal GDP to increase. B) real GDP will certainly increase. C) nominal GDP will certainly decrease. D) it may be possible for real GDP to increase.
Economics
A "flat tax" on personal income, in which the same tax rate is applied to every dollar of income earned by each taxpayer, is an example of
A) a regressive tax. B) a proportional tax. C) a progressive tax. D) a value-added tax.
Economics