In the twentieth century, fluctuations in real GDP were
a. less severe during the last 50 years than was true during the first half of the century.
b. virtually eliminated as the result of the countercyclical application of fiscal policy.
c. more severe during the last 50 years than was true during the first half of the century.
d. primarily the result of a fiscal policy that has persistently balanced the federal budget.
A
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In the model of the money supply process for M2, the relationship between checkable deposits and the M2 money supply is represented by
A) D = × M2. B) D = (1 + c + t + mm) × M2. C) M2 = × D. D) M2 = .
By the year 2017, health care spending on Medicare, Medicaid, and other U.S. government programs as a percentage of GDP had reached a level of
A) 2.2 percent. B) 7 percent. C) 17.5 percent. D) 21.5 percent.