A balanced-budget philosophy would be pro-cyclical in all the following cases except one. Which one is the exception?

a.A recessionary gap and a budget deficit.

b.An inflationary gap and a budget deficit.

c.An inflationary gap and a budget surplus.

d.High unemployment and a budget deficit.

What is an appropriate reason for the government to borrow money?

a.To compensate for a lower bond rating.

b.To encourage foreign ownership of the debt.

c.To inject new spending into the economy.

d.To discourage waste in fiscal affairs.

What was the national debt/GDP ratio in Canada in 2019?

a.10%

b.20%

c.31%

d.100%