The Accepted Philosophy on U

question 62

Multiple Choice

The accepted philosophy on U.S.federal deficits prior to the Great Depression was that:

• A)the budget should be balanced cyclically.
• B)a budget deficit does not matter as long as the economy is at full employment.
• C)the budget should be annually balanced.
• D)deficits dampen aggregate demand in the short run and reduce the federal debt.
• E)spending decreases during expansions and increases during recessions.

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Definitions:

Conscious Feelings

Emotions and sentiments of which an individual is aware and can identify or describe.

Personal Plans

Individualized strategies or intentions set by a person targeting specific goals or outcomes in their personal or professional life.

Cognitive Needs

The mental requirements or necessities for knowledge, understanding, curiosity, and search for meaning, often associated with Maslow's hierarchy of needs.

Maslow

Refers to Abraham Maslow, an American psychologist best known for creating Maslow's hierarchy of needs, a theory in psychology concerning human motivation based on fulfilling a series of needs from basic to self-actualization.