Question

This question refers to Figure 15.10, which shows the U.S. outlays and revenue as portions of GDP.

List three periods when the U.S. budget deficit was relatively large.

Answer 1

Three periods when the U.S. budget deficit was relatively large are the 1930s, the 1980s, and the early 1990s.

Step-by-step explanation:

Three periods when the U.S. budget deficit was relatively large are:

1. The 1930s
2. The 1980s
3. The early 1990s

During these periods, the budget deficits were significant as a share of the GDP. Additionally, deficits were also large during World War II, the 2008-2009 recession, and the pandemic-induced recession in 2020.