3. Explain how each of the following events would affect the public debt or implicit liabilities of...
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3. Explain how each of the following events would affect the public debt or implicit liabilities of the U.S.
government, other things equal. Would the public debt or implicit liabilities be larger or smaller if they occurred?
a. The growth rate of real GDP increases.
b. Retirees live longer.
c. Tax revenue decreases.
d. The government borrows to pay interest on its current public debt.
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