Examlex
A form of law based on a broad set of legal principles and where decisions are made based on legal codes that have been written over time is:
Contractionary Gap
A situation where an economy's real GDP is lower than its potential GDP, indicating underutilization of resources.
Cyclically Balanced
An economic situation where fiscal policy is designed to be neutral over the business cycle, allowing for temporary deficits or surpluses but aiming for a long-term balance.
Federal Deficits
The financial situation in which a government's expenditures exceed its revenues within a given fiscal year, leading to borrowing or the issuance of debt.
Deficit Financing
The practice of funding government operations beyond the amount raised through taxation and other revenues by issuing debt or creating new money.
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