The Portion of the Budget Deficit or Surplus That Would

question 92

True/False

The portion of the budget deficit or surplus that would exist even if the economy were at its potential income is called the cyclical deficit or cyclical surplus.

---

Definitions:

Unidentified Principal

In agency law, a principal whom a third party knows or has reason to know exists but who lacks knowledge or reason to know the principal’s identity.

Legally Non-Existent

Refers to an entity or agreement that has no recognition or validity under the law.

Respondeat Superior

A legal doctrine holding an employer or principal legally responsible for the wrongful acts of an employee or agent, when such acts occur within the scope of employment or agency.

Subagent

An agent appointed by another agent to perform tasks or duties on behalf of the original agent's principal.