Government expenditures, G.and tax revenues, TRefer to the figure below to answer the questions that follow.SurplusGDeficitGDP,GDP,GDP,Real domestic output, GDPlevela. The cyclically adjusted budget measures what the federal deficit or surplus would be if the economy reached theof GDPO actualO normalO full-employmentO equilibrium

Budget Deficit refers to the excess of government expenditure over government receipts. Budget…

Refer to the figure below to answer the questions that follow. Surplus G Deficit GDP, GDP, GDP, Real domestic output, GDP a. The cyclically adjusted budget measures what the federal deficit or surplus would be if the economy reached the of GDP. level Oactual O normal O full-employment O equilibrium Government expenditures, G, and tax revenues, T