The federal government’s fiscal policy (taxing and spending policy) du

The federal government’s fiscal policy (taxing and spending policy) during the 1920s was one in which

(a) the federal budget was in surplus every year.
(b) the federal budget exerted a mildly deflationary impact on the economy,
tending to slow overall spending in the economy.
(c) Parkinson’s third law, “expenditures rise to meet income,”
seemed to hold for the federal government.
(d) all of the above applied.

ANSWER

(d)