The Forstall System was the antebellum banking regulation in:

Using the aggregate expenditure model, the equilibrium level of the aggregate expenditure can occur when the economy is producing

A) only at above full employment. B) at full employment, above full employment, or below full employment. C) at either below full employment or at full employment but never at above full employment. D) only at below full employment. E) only at full employment.

Large federal budget deficits: a. can best be reduced by automatic stabilizers

b. make it difficult to use discretionary fiscal policy. c. in the mid to late 1980s were the result of a severe recession. d. constitute only about 1 percent of GDP. e. have little to do with the growth of the federal debt.