According to economic studies, the 2001 tax rebates under the presidency of G. W. Bush did not increase aggregate demand because:
A) consumers saved, instead of spending, the rebates.
B) the cost of the war in Iraq required an immediate increase in taxes.
C) the tax rebates were not large enough to have a significant impact on aggregate demand.
D) the Republican- controlled Congress rolled back the tax rebates the following year.
Correct Answer:
Verified
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