The U.S. public debt refers to the historical accumulation of all past federal deficits and surpluses. It does not refer to the debts of all units of government, the total debt of U.S. households, businesses and government or the collective amount that U.S. citizens and businesses owe to foreigners.

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The U.S.public Debt

Question 82

Multiple Choice

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.

Correct Answer: