The Bretton Woods exchange rate system was replaced by a gold standard

Which of the following statements is true of growth in the U.S. economy from 1950 to 2007?

A) Growth resulting from physical capital > growth resulting from technology > growth resulting from human capital B) Growth resulting from technology > growth resulting from physical capital > growth resulting from human capital C) Growth resulting from human capital > growth resulting from technology > growth resulting from physical capital D) Growth resulting from technology > growth resulting from human capital > growth resulting from physical capital

A decrease in taxes will have no effect on real GDP if

A) the tax decrease is offset by an increase in government spending. B) people look at changes in taxes only in the present. C) the Ricardian equivalence theorem holds. D) there is no crowding out.