From 2009 to 2012, the federal government's budget deficit was about
a. 5 percent of GDP, and this led to the highest debt-GDP ratio in U.S history.
b. 10 percent of GDP, and this led to the highest debt-GDP ratio in U.S history.
c. 5 percent of GDP, and this led to the highest debt-GDP ratio since World War II.
d. 9 percent of GDP, and this led to the highest debt-GDP ratio since World War II.
d
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Real business cycle proponents argue that
a. recessions are caused by movements of output away from the natural rate of output. b. prices and wages are sticky. c. macroeconomics should be based on the same assumptions as microeconomics. d. monetary policy is important in determining recessions. e. none of the above.
According to rational expectations, if policy makers consistently stimulate aggregate demand when real output falls below the economy's potential output, then people will not be able to anticipate the effects of this policy on the price level, unemployment, and the real output level
Indicate whether the statement is true or false