During the twentieth century, the largest budget deficits as a percentage of GDP occurred
A) during the 1980s. B) during the Vietnam war.
C) during the 1990s. D) during World Wars I and II.
D
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In a perfectly competitive industry, the demand for a single firm's product is perfectly elastic
A) because this firm's output is a perfect substitute for any other firm's output. B) because this firm is a price maker. C) only in the long run. D) because there are many buyers in this market.
The Taft-Hartley Act of 1947 outlawed
A) strikes. B) make-work rules and forcing unwilling workers to join a union. C) right-to-work states. D) none of the above.
When the price level increases, aggregate planned expenditure ________ and equilibrium real GDP ________. As a result, in the AS-AD model, the aggregate demand curve has a ________ slope
A) increases; decreases; negative B) decreases; decreases; negative C) decreases; increases; negative D) increases; increases; positive E) decreases; decreases; positive
Privatization of government agencies:
A. has rarely occurred since the 1890s. B. has become less popular since the 1980s. C. has become more popular since the 1980s. D. happens more frequently during recessions.