External debt is that portion of the national debt
a. owed to investors outside the United States (foreign investors).
b. owed to the Federal Reserve system.
c. that the U.S. does not intend to repay.
d. owed to U.S. citizens and corporations.
A
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Harvey Morris bought dishes and pitchers made of blue glass during the Great Depression at a flea market. He later resold these items on eBay. The profits Harvey earned from these sales are
A) not economic profits because Harvey did not add value to the items but took advantage of the buyers who were not aware of how much Harvey paid for the items. B) the result of arbitrage. C) accounting profits but not economic profits. D) subject to a retail profits tax.
According to the rational expectations school, when the economy is operating at the potential output level, a temporary decrease in unemployment is possible through appropriate monetary policy—but only if workers and employers are aware in advance of the Fed's intentions
a. True b. False Indicate whether the statement is true or false