Multiple Choice
In November, 2012, U.S. lawmakers were faced with a "fiscal cliff:" if they did not agree on how to reduce the federal deficit, automatic tax increases and drastic cuts in government spending would take effect. What would be the result if the fiscal cliff occurred?
A) a recessionary gap
B) an inflationary gap
C) stagflation
D) nothing
Correct Answer:
Verified
Correct Answer:
Verified
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