TRUE/FALSE. Write 'T if the statement is true and 'F if the statement is false. 1) The first systematic attempt to explain the determinants of the price level and 1) national levels of income. employment, consumption and real Gross Domestic Product (GDP) was made by classical economists. 2) The Social Security program is financed directly from voluntary contributions by the elderly. 3) The expression 1/MPS is defined as the multiplier. 4) The amount of time that it takes to identify a national economic problem is the action time lag. 5) A directexpenditure offset occurs when government spending substitutes for 51 private spending. ") When it comes to the government budget deficit, there is no one number that gives a complete picture of the total amount. 7) Since the late 1980s, the share of the net public debt owed to foreign interests has 7) decreased. 8) Fiscal policy to solve short-run economic problems supports the Keynesian notion of an active government role in the economy #) One possible fiscal policy solution for a recessionary gap would be to raise taxes 10) One mechanism through which increasing public debt may impact the economy 10 is that the resulting increased competition for funds increases interest rates and causes a reduction in investment