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The table below shows the relationship between the deficit and real GDP.Draw a diagram depicting this relationship.Assume potential GDP is $6,900 billion.
(A)What is the structural deficit?
(B)If real GDP is $7,050 billion,what is the cyclical deficit?
(C)If real GDP is $6,750 billion,what is the cyclical deficit?
(D)Show what will happen to the relationship between the deficit and real GDP if Medicare and federal prison incarceration costs increase without any corresponding increase in taxes or reduction in other programs.
Nations
Large groups of people, often inhabiting a specific territory, united by common descent, history, culture, or language, forming a political entity or state.
Productive
Refers to achieving or producing a significant amount or result, often in relation to work or creativity.
Unselfish
Showcasing a disposition to put the needs or wishes of others before one's own; altruistic.
Caring
A compassionate and supportive behavior expressed towards others, encompassing both emotional support and physical assistance.
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