Question

The U.S. public debt Multiple Choice

1.refers to the debts of all units of government—federal, state, and local.
2.consists of the total debt of U.S. households, businesses, and government.
3.refers to the collective amount that U.S. citizens and businesses owe to foreigners.
4.consists of the historical accumulation of all past federal deficits and surpluses.

Answer 1

The U.S. public debt 3. refers to the collective amount that U.S. citizens and businesses owe to foreigners.

Step-by-step explanation:

Public debt simply refers to the debt that the country owes to the lender outside the nation. This debt may include individuals, businesses and also other governments. Public debt is also referred to as the national debt.

In certain countries public debt can also refer to the debt that the states, provinces and municipalities owe. Public debt is called so because it is the collective annual budget deficit. National debt is an important determinant to bridge the government's funding differences.