The government debt is defined as
A) the excess of total expenditures over total revenues.
B) the excess of total revenues over total expenditures.
C) government spending on goods and services plus transfer payments.
D) the sum of all past deficits and surpluses.

Question

Quizplus · Accepted Answer

Government debt is the sum of all past deficits (excess of total expenditures over total revenues) and surpluses (excess of total revenues over total expenditures) accumulated by the government over time.

The Government Debt Is Defined as