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Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509

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BuyFindarrow_forward

Principles of Macroeconomics (Mind...

8th Edition
N. Gregory Mankiw
Publisher: Cengage Learning
ISBN: 9781305971509
Chapter 23, Problem 7QR
Textbook Problem
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What are two situations in which most economists view a budget deficit as justifiable?

To determine
Justifyingbudget deficit.

Explanation of Solution

Budget deficit is justifiable in the following cases:

  1. 1. During war time, it is reasonable to finance the extra spending by borrowing. Otherwise, high taxes had to be implemented, which would lead to large deadweight losses.
  2. 2...

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