Only one of the following is a true statement. Which one? Group of answer choices Japan’s debt/GDP ratio is higher than that of US debt/GDP ratio. Japan’s debt/GDP ratio is lower than that of US debt/GDP ratio US budget for the year2018-19 was in surplus Deficit and debt refer to the same concept.

Only one of the following is a true statement. Which one? Group of answer choices Japan’s debt/GDP ratio is higher than that of US debt/GDP ratio. Japan’s debt/GDP ratio is lower than that of US debt/GDP ratio US budget for the year2018-19 was in surplus Deficit and debt refer to the same concept.

Macroeconomics: Principles and Policy (MindTap Course List)

13th Edition

ISBN:9781305280601

Author:William J. Baumol, Alan S. Blinder

Publisher:William J. Baumol, Alan S. Blinder

Chapter16: Budget Deficits In The Short And Long Run

Section: Chapter Questions

Problem 1DQ

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Question

51.

Only one of the following is a true statement. Which one?

Group of answer choices

Japan’s debt/GDP ratio is higher than that of US debt/GDP ratio.

Japan’s debt/GDP ratio is lower than that of US debt/GDP ratio

US budget for the year2018-19 was in surplus

Deficit and debt refer to the same concept.

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The diagram below shows two budget deficit functions for a hypothetical economy. Budget Deficit (millions of dollars) 14 7.5 4 Real GDP (millions of dollars) 100 200 300 400 500 600 700 Budget Surplus (millions of dollars) Bo B1 FIGURE 31-2 FIGURE 31-2 Refer to Figure 31-2. Initially, suppose real GDP is $100 million and the budget deficit is $14 million, as shown by point A. Which of following vents coul result in a move from point A to point C? A) a fiscal contraction and a decrease in GDP B) a fiscal expansion and an increase in GDP C) a fiscal expansion and a decrease in GDP an increase in GDP with no change in fiscal policy E) a fiscal contraction and an increase in GDP