In August 2011, Standard & Poor's (S&P) changed its rating on U.S. Treasury bonds from AAA to AA+ based on the state of the federal government's budget deficit.
This was the ________ a rating agency had given Treasury bonds less than a rating of AAA.
A) first time ever B) second time since the year 2000
C) fifth time in history D) first time since the Great Depression
Question 2
Refer to Table 8-7. Suppose that a simple economy produces only four goods and services: iPods, t-shirts, bottled water, and oranges. Calculate nominal GDP for this simple economy.
What will be an ideal response?
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