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Which of the following best describes the term 'National Debt'?

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Which of the following best describes the term 'National Debt'?

A.

Money the government owes to governments of other countries

B.

Money the government must borrow to make up the shortfall between tax revenue and government expenditures

C.

Special assets issued by government to finance wars

D.

The accumulated borrowings by the government in previous years that have not yet been repaid

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