Which of the Following Statements About Japan's Debt Is INCORRECT

question 30

Multiple Choice

Which of the following statements about Japan's debt is INCORRECT?

• A) Japan has sought to decrease its debt only by cutting spending, rather than raising revenue.
• B) Japan has the highest debt-to-GNP ration among OECD countries.
• C) Servicing the national debt consumed about a quarter of Japan's 2013 budget.
• D) One reason for Japan's large debt is that it has paid for increased social welfare costs by issuing government bonds.
• E) Japan's outstanding debt per citizen is just slightly higher than that of the United States.

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Definitions:

Individuals

Refers to human beings, especially when considered as distinct entities within a specified context.

Debtors

Individuals or entities that owe money to another party, often a lender or financial institution.

Chapter 7

A provision under the U.S. Bankruptcy Code dealing with the process of liquidation, where a debtor's assets are sold off to pay creditors.

Debtor's Estate

The total assets and liabilities of a debtor that are considered in the event of bankruptcy or for satisfying debts.