Lately, the Ratio of Debt to GDP Has Been

question 208

Multiple Choice

Lately, the ratio of debt to GDP has been

• A)rising at a small rate.
• B)rising steadily.
• C)falling modestly.
• D)staying constant.

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Definitions:

Tax Burden

The total amount of taxes that individuals or businesses must pay to the government.

Inelastic Demand

A market condition where the demand for a product does not change significantly with a change in its price.

Elastic Supply

A scenario in which the amount of a product available for sale markedly changes in response to its price adjustments.

Social Security Tax

A tax levied on both employers and employees to fund the Social Security program, which provides benefits to retirees, disabled workers, and survivors of deceased workers.