In the United States, the term national debt can best be defined as the

In the United States, the term national debt can best be defined as the

a. amount the government owes to other countries.
b. liabilities of the government.
c. amount the government must pay out for social services.
d. assets of the government.

Question -2-

The unemployment rate represents the number of unemployed persons as a percentage of the

a. labor force.
b. general national population.
c. budget deficit.
d. goods and services produced.

Question -3-

If the gross domestic product (GDP) has dropped for two consecutive quarters, the economy is said to be in

a. inflation.
b. deflation.
c. recession.
d. depression.

Question -4-

Which of the following best defines the term gross domestic product?

a. The average standard of living per capita
b. The change in prices over time of a standard market basket
c. The output of the goods and services produced by labor
d. The unemployed as a percent of the labor force

Question -5-

Which of the following best describes the attitude regarding social welfare spending during Ronald Reagan's presidency?

a. Supportive
b. Hostile
c. Compassionate
d. Flexible

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In the United States, the term national debt can best be defined as the

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