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Which of the following statements is true when considering budget deficits and the national​ debt?A.Both the national debt and federal budget deficit are stock variables.B.Both the national debt and federal budget deficit are flow variables.C.The national debt is a flow variable and a federal budget deficit is a stock variable.D.The national debt is a stock variable and a federal budget deficit is a flow variable.

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Gross domestic product is best defined asA.the total quantity of goods and services produced in a country during a period of time.B.the market value of all final goods and services produced in a country during a period of​ time, typically one year.C.the total value of all goods that can be found in a country.D.the amount of all incomes earned by all citizens of a​ country, including those living overseas.

Household production and the underground economyA.are an increasingly large fraction of economic activity in the United States.B.are fully accounted for in the Bureau of Economic​ Analysis' estimates of GDP.C.are not accounted for in the Bureau of Economic​ Analysis' estimates of GDP.D.are not considered important​ and, therefore, are not included when calculating GDP.

The unemployment rate declined from 3.8 percent in March 2019 to 3.6 percent in April. The labor force participation rate also declined from March to​ April, from 63.0 percent to 62.8 percent.Holding constant the number of people employed in April​ 2019, if the labor force participation rate had increased instead of​ decreased, the unemployment rate for April 2019 would beA.less than 3.6 percent because the value in the numerator of the formula for the unemployment rate would increase less than the value in the denominator.B.greater than 3.6 percent because adding the same number to both the numerator and the denominator of a fraction that is less than one increases the value of the fraction.C.greater than 3.6 percent because the value in the numerator of the formula for the unemployment rate would increase less than the value in the denominator.Your answer is not correct.D.less than 3.6 percent because the value in the numerator of the formula for the unemployment rate would increase more than the value in the denominator.

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