According to Robert Higgs,
a. World War II was a period of unique prosperity.
b. prosperity came only after World War II ended.
c. measures of GDP during World War II are accurate.
d. civilian consumption of most items actually rose during World War II.
b. prosperity came only after World War II ended.
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The advantage of automatic stabilizers is that they
A) reduce the fluctuations in the business cycle. B) help to balance the budget. C) reduce the size of the net public debt. D) help reduce the inflation rate.
If the economy is in a recession, the inflation rate is ________ it would be at potential GDP. Other things equal, if the government implemented an expansionary fiscal policy, the inflation rate would ________
A) greater than; remain constant B) greater than; decrease C) less than; increase D) less than; remain constant