Which of the following correctly describes factors that contributed to the change in the federal budget deficit between 1990 and 1998?
a. Federal taxes were cut by President George H.W. Bush and Congress in 1990, which helped in his reelection campaign in 1992 and contributed to a continually rising budget deficit during the 1990s.
b. Federal taxes were cut again by President Bill Clinton in 1993, which further contributed to a continually rising budget deficit during the 1990s.
c. Accelerated growth in federal outlays triggered the rapid expansion of the federal workforce between 1990 and 1998, which further contributed to a continually rising budget deficit during the 1990s.
d. Taxes were raised, spending was cut, productivity rose, consumer spending increased, the stock market was the strongest in history, and the country experienced a short-lived budget surplus.
e. Defense and international programs were identified as the only two areas of potential spending cuts.
Question 2
Since the end of World War II, the U.S. price level has:
a. increased tenfold.
b. increased by an average of 10 percent each year.
c. increased and decreased with equal regularity, leaving the price level almost constant.
d. increased by 50 percent.
e. doubled.
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