The public debt can be thought of as
A) the total amount consumers owe on their credit cards.
B) the total amount in taxes consumers pay to the government.
C) accumulated budget deficits and surpluses.
D) the total amount the government spends for goods and services.

Question

Quizplus · Accepted Answer

The public debt is the accumulation of the government's budget deficits and surpluses. It represents the total amount of money the government owes to its creditors, such as individuals, businesses, and foreign governments. It is not related to consumer credit card debt, taxes paid by consumers, or government spending on goods and services.

The Public Debt Can Be Thought of as