In 2015, the U.S. gross national debt was _____.
a. about 1 million
b. about 1 billion
c. 1 trillion
d. 3 trillion
e. about 18 trillion
Question 2
If the inflation rate in an economy is 5 percent and the income earned by workers increases by 5 percent, then _____.
a. nominal income declines and real income increases
b. both nominal income and real income increase by 5 percent
c. nominal income increases and real income declines
d. both nominal income and real income decrease by 5 percent
e. nominal income increases by 5 percent and real income is unchanged
