The national debt is:
a. the difference between a nation's exports and imports of goods and services.
b. the sum of the personal debt of all citizens in the United States.
c. the cumulative effect of all past budget deficits and surpluses of the federal government.
d. equal to the current size of the budget deficit.
Question 2
The balance of payments ____.
a. b and e
b. is always zero
c. is positive when the nation runs a trade surplus
d. is negative when the nation runs a trade deficit
e. is an itemized account of a nation's foreign economic transactions
