The American Welfare State Began in the

question 47

Multiple Choice

The American welfare state began in the

• A) 1910s.
• B) 1930s.
• C) 1950s.
• D) 1970s.
• E) 1990s.

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Definitions:

Inadequate Aggregate Demand

A situation where the total demand for goods and services in an economy is not sufficient to produce full employment.

Recession

A decline in real GDP for two consecutive quarters.

Lowering Tax Rates

The act of reducing the percentage at which income or corporate profits are taxed, which can affect economic behaviors and government revenues.

Supply-siders

Economists who believe reducing barriers for people to produce (supply) goods and services, like lower taxes, will stimulate economic growth.