True or false? If false, explain why.

a. The total public debt is more relevant to an economy than the public debt as a percentage of GDP.

b. An internally held public debt is like a debt of the left hand owed to the right hand.

c. The Federal Reserve and Federal government agencies hold more than three-fourths of the public debt.

d. The portion of the U.S. debt held by the public (and not by government entities) was larger as a percentage of GDP in 2009 than it was in 2000.

e. As a percentage of GDP, the total U.S. public debt is the highest such debt among the world’s advanced industrial nations.