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question 20

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Definitions:

Full Employment GDP

The total value of all goods and services produced when the economy is operating at full employment, with no cyclical unemployment.

Federal Budget Deficit

The financial situation that occurs when a government spends more money than it receives in revenue, typically measured over a fiscal year.

Fiscal Policy

The use of government spending and taxation to influence the economy, including efforts to adjust the level of aggregate demand through public expenditure and taxation rates.

National Debt

The full amount of capital that a country's political authority has borrowed through a range of means.