The U.S. public debt
A) refers to the debts of all units of government-federal, state, and local.
B) consists of the total debt of U.S. households, businesses, and government.
C) refers to the collective amount that U.S. citizens and businesses owe to foreigners.
D) consists of the historical accumulation of all past federal deﬁcits and surpluses.

Question

Quizplus · Accepted Answer

The U.S. public debt consists of the historical accumulation of all past federal deficits and surpluses. It does not include the debts of state and local governments or the debts of households and businesses. It also does not refer to the collective amount that U.S. citizens and businesses owe to foreigners.

The U.S. Public Debt