The public (or national) debt refers to the:

Question

Quizplus · Accepted Answer

The public debt refers to the accumulation of all past budget deficits. It is the total amount of money owed by the government to its creditors, which could include individuals, businesses, and foreign governments. It is different from the budget deficit, which refers to the amount by which government spending exceeds government revenue in a given year. The public debt does not include the debts of households and businesses, so choice D is incorrect. Choice B, deadweight loss in a market, is not related to the public debt.

The Public (Or National) Debt Refers to The