U.S. Government Debt Quiz

As of Q4 2023, what was the debt-to-GDP ratio of the U.S. government?

• 100%

• 121.6%

• 135%

• 150%

What primarily causes the U.S. national debt to rise?

• Decrease in government spending

• Increase in tax collections

• Spending exceeds tax collections

• Export exceeds import

Which event caused the U.S. debt-to-GDP ratio to rise to 135% by mid-2020?

• The American Revolution

• The Great Recession

• The COVID-19 pandemic

• Tax cuts in the 1990s

What was the U.S. national debt as of April 1, 2024?

• $34.63 billion

• $34.63 trillion

• $34.63 million

• $34.63 thousand

According to the Congressional Budget Office (CBO) projections, what will the net interest outlays of the United States be in FY 2033?

• A) $10.5 trillion

• B) $1.4 trillion

• C) $1.9% of GDP

• D) 3.6% of GDP

What rating did Fitch Ratings assign to the United States' Long-Term Foreign-Currency Issuer Default Rating (IDR) on August 1, 2023?

• A) AA+

• B) AAA

• C) A

• D) BBB

What economic effect is described by the "paradox of thrift"?

• A) Increased individual savings lead to decreased economic growth

• B) Increased government spending leads to higher taxes

• C) Decreased individual savings lead to increased economic growth

• D) Increased individual savings lead to higher inflation

What does the national debt of the United States include?

• A) Only Treasury bills

• B) Treasury bills, notes, bonds, TIPS, FRNs, Government Account Series, and other securities

• C) Only foreign loans and credits

• D) Only domestic public loans

What is the primary claim of Modern Monetary Theory (MMT)?

• A) Governments rely solely on taxes for spending

• B) Governments should avoid printing money

• C) Governments do not need to rely on taxes or borrowing for spending

• D) Governments should limit their spending to avoid inflation

As of 2022, which country had the highest level of national debt as a percentage of GDP according to OECD data?

• United States

• Italy

• Japan

• Greece