Multiple Choice
What happens to deficits during expansions?
A) They increase, because tax revenues decline while spending programs increase.
B) They decrease, because tax revenues decline while spending programs decrease.
C) They increase, because personal income and corporate profits increase, boosting tax revenue.
D) They decrease, because personal income and corporate profits increase, boosting tax revenue.
E) They decrease during recessions and increase during expansions.
Correct Answer:
Verified
Correct Answer:
Verified
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