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A Federal budget deficit exists when: Select one: a. Federal government assets are less than liabilities in a given year b. Federal government spending exceeds

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A Federal budget deficit exists when: Select one: a. Federal government assets are less than liabilities in a given year b. Federal government spending exceeds tax revenues in a given year c. Federal government spending is increasing in a given year d. Federal government taxation is decreasing in a given year e. None of the choices

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