Brief Principles of Macroeconomics...
Brief Principles of Macroeconomics...
Throughout U.S. history, what has been the most common cause of substantial increases in government debt?
a. recessions
b. wars
c. financial crises
d. tax cuts
The most common cause of substantial increase in government debt.
Option (b):
Throughout history, the most common reason of increased government debt has been war. This is because during war time, it is reasonable to finance the extra spending by borrowing. Otherwise, the high taxes had to be implemented which would lead to large deadweight losses. Thus, option ‘b’ is correct.
Option (a):
It is reasonable to allow a budget deficit only during a temporarydownturn of economic activity. Thus, option ‘a’ is incorrect...
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