A prominent postwar pattern of U.S. government budget deficits was broken in 1983-1990 as
A) recession was accompanied by a shrinking deficit.
B) recession was accompanied by a growing deficit.
C) recovery from recession was accompanied by a shrinking deficit.
D) recovery from recession was accompanied by a growing deficit.
D
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
A change in demand would be illustrated by
a. a drop in price, which causes people to buy more. b. an increase in price, which causes people to buy less. c. a change in people’s preferences that causes them to buy either more or less than before. d. All of these.
The complexity of the U.S. federal income tax system results in significant annual deadweight losses. The opportunity cost of the hours taxpayers spend on record keeping and completing their tax returns amounts to billions of dollars
a. If the tax system was simplified, how would this benefit the economy? b. Why hasn't the tax system been simplified?
Using supply and demand curve analysis, the triangular area above the equilibrium price and under the demand curve is:
a. consumer surplus. b. producer surplus. c. marginal cost. d. deadweight loss.