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The national debt Group of answer choices is the amount households owe on credit cards, mortgages...

The national debt

Group of answer choices

is the amount households owe on credit cards, mortgages and other loans.

is the amount household and firms have borrowed minus the amount they have saved.

exists because of past government budget deficits.

is the difference between the government's spending and revenue in a given year.

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Answer #1

Answer: exists because of past government budget deficits

National debts are the government debts which are due to the increase in government spending than the tax amount received by the government. When the government spending is higher than income, there will be the deficit. Due to the increased spending, government increases the borrowing from financial institutions, etc. This adds up to the national debt.

Deficit won't happen in a year because if the government has very good funding capacity, it can be avoided.

Household debts will not come under the national debt because there are personal debt.

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