Subjective Probability Is

question 57

Multiple Choice

Subjective probability is:

• A) the likelihood that a specific result will occur,based on personal judgments.
• B) the likelihood that a specific result will occur,based on hard facts and numbers.
• C) the likelihood of both of these.
• D) the likelihood of neither of these.

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Definitions:

Chronic Deficits

entail persistent and extended periods where expenses exceed revenue, leading to sustained budget shortfalls.

Aggregate Demand

Aggregate demand represents the total demand for goods and services in an economy at a given overall price level and in a given time period.

Annually Balanced Budget

A financial plan where government's revenues are equal to its expenditures within a one-year period, resulting in no deficit.

Economic Stability

The condition of an economy characterized by steady growth, low inflation, and low unemployment, indicating overall health.