Industrialization and urbanization in the U.S. occurred simultaneously between 1860 and 1910

Suppose the federal budget deficit for the year was $100 billion and the economy was in a recession

If the economy had been at potential GDP, it is estimated that tax revenues would have been $60 billion higher and government spending on transfer payments $50 billion lower. Using these estimates, the cyclically adjusted budget A) deficit was $210 billion. B) deficit was $110 billion. C) surplus was $110 billion. D) surplus was $10 billion.

Higher marginal propensities to consume and invest will make the slope of the aggregate expenditure function steeper

Indicate whether the statement is true or false