Which of the following did not occur, after the passage of Reagan's Economic Recovery Tax Act of 1981?
A. Unemployment went up to 9.6 percent in 1983.
B. There was a massive drop in tax revenues.
C. Federal budget deficits grew.
D. The Federal Reserve continued to keep interest rates high.
E. Inflation grew from about 3 percent in 1981 to 13 percent in 1983.
Answer: E. Inflation grew from about 3 percent in 1981 to 13 percent in 1983.
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