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A Budget Deficit Occurs When Government Receipts Exceed Government Spending

question 146

True/False

A budget deficit occurs when government receipts exceed government spending.


Definitions:

Inequality Principle

A concept in social and political philosophy suggesting that social or economic inequalities are justified only if they benefit the least advantaged members of society.

Institutions

Established organizations or systems in society with specific purposes and roles, such as educational, religious, or governmental entities.

Well-Ordered Society

A society in which there are mutually accepted principles of justice governing the basic structure of the main institutions.

Morally

Pertaining to principles of right and wrong in behavior; ethical.

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