Suppose the economy is in a recession and that revenues for the current year are equal to expenditures.
(a)What is the budget deficit in this case?
(b)How would a cyclically adjusted budget deficit be different? Explain.

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The Answer of Suppose the economy is in a recession and that revenues for the current year are equal to expenditures.
(a)What is the budget deficit in this case?
(b)How would a cyclically adjusted budget deficit be different? Explain.

Suppose the Economy Is in a Recession and That Revenues