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The diagram below shows the budget deficit function for a government in a hypothetical economy. FIGURE 31-1
-Refer to Figure 31-1.For the given budget deficit function in the diagram,the government will have a budget surplus if 1) real GDP increases beyond $X million
2) the interest rate on government debt decreases
3) government expenditure decreases
Slaves
Individuals forced into servitude, deprived of personal freedom and the right to make their own life choices, often under harsh conditions.
Autonomy
The ability or right of an entity, especially a region or organization, to govern itself independently.
Owners
Individuals or entities that hold legal title to an object, property, or business, giving them certain rights such as usage, control, and the ability to transfer ownership.
Compromise of 1850
A series of laws passed in 1850 aimed at resolving the territorial and slavery controversies arising from the Mexican-American War.
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