At the End of 2003,the Government Had a Debt of About

question 14

Multiple Choice

At the end of 2003,the government had a debt of about $3,924 billion.During 2004,real GDP grew by about 4.2 percent and inflation was about 2.6 percent.About what is the largest deficit the government could have run without raising the debt-to-GDP ratio?

• A)about $63 billion
• B)about $267 billion
• C)about $429 billion
• D)None of the above is within a few billion dollars of the largest deficit the government could have run without raising the debt to GDP ratio.

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