Judged by international standards, the national debt of the United States, in terms of its national debt as a percentage of GDP is
A) the highest among the developed nations.
B) the lowest among the developed nations.
C) above average among the developed nations.
D) below average among the developed nations.
Answer: C) above average among the developed nations.
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The formula for an infinite sum is
A) 1 + b + b2 + b3 + b4 + ... = b / (1 - b). B) 1 + b + b2 + b3 + b4 + ... = 1 / (1 - b). C) 1 + b + b2 + b3 + b4 + ... = 1 / b. D) 1 + b + b2 + b3 + b4 + ... = 1 / (1 + b).
The experience of Paul Volcker's fight against inflation during the late 1970s and early 1980s indicates that firms and workers may have
A) had adaptive expectations. B) had rational expectations but didn't trust Fed announcements. C) preferred high unemployment to high inflation. D) Both A and B are correct answers.