If a budget deficit is the result of expenditures for programs such as farm subsidies and Social Security, the burden on future generations is slight

According to the textbook, why didn't the U.S. government mount chronic budget deficits before 1970?

A) Elected officials didn't know how to use the federal budget as a policy tool. B) Deficits were viewed as an irresponsible moral failure on the part of government. C) The U.S. had a constitutional balanced budget amendment. D) For all of the above reasons. E) For none of the above reasons.

Suppose initially that the working-age population is 220 million, the labor force is 150 million, and the official U-3 unemployment rate is 10 percent

5 million new jobs are created and filled by 5 million people who had previously been discouraged workers. What is the new U-3 unemployment rate? A) 6.25 percent B) 6.7 percent C) 9.7 percent D) 8.7 percent