Label each of the following statements true, false, or uncertain. Explain briefly.

a. The deficit is the difference between real government spending and taxes net of transfers.

b. The primary deficit is the difference between government spending on goods and services and taxes net of transfers.

c. The United States has experienced wide fluctuations in the ratio of debt to GDP in the past century.

d. Tax smoothing and deficit finance help spread the burden of war across generations.

e. The government should always take immediate action to eliminate a cyclically adjusted budget deficit.

f. If Ricardian equivalence holds, then an increase in income taxes will affect neither consumption nor saving.

g. The ratio of debt to GDP cannot exceed \(100 \%\).

h. A haircut reduces the value of outstanding government debt outstanding.

i. The cyclically adjusted deficit is always smaller than the actual deficit.

j. The inflation-adjusted deficit is always smaller than the actual deficit.

k. When the ratio of debt to GDP is high, the best policy is a fiscal consolidation. 

l. A hyperinflation is an inflation rate greater than \(30 \%\) per month.

m. Hyperinflations may distort prices, but they have no effect on real output.