3. During the recession of 20072009, the U.S. federal governments tax collections fell from about $2.6 trillion

Question:

3. During the recession of 2007–2009, the U.S. federal government’s tax collections fell from about $2.6 trillion down to about $2.1 trillion while GDP declined by about 4 percent. Does the U.S. tax system appear to have built-in stabilizers? LO13.2

a. Yes.

b. No.

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