Refer to the Following Figure When Answering the Following Questions

Multiple Choice

Refer to the following figure when answering the following questions.
Figure 18.2: Government Outlays and Receipts as a Percentage
of GDP, 1947-2012
-Consider Figure 18.2. What was the cause of the huge budget deficit beginning in 2007?

A) the oil crisis
B) the Great Recession
C) President Reagan's defense expenditures
D) the second Gulf War
E) the Volcker recession