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(a) What is meant by a balance budget, a budget deficit and a budget surplus? (b)What is meant by discretionary and non-discretionary measures? (c) Explain

(a) What is meant by a balance budget, a budget deficit and a budget surplus?

(b)What is meant by discretionary and non-discretionary measures?

(c) Explain automatic stabilizers and highlight how it can automatically slow down the impact of a recession or inflation.

(d)What is meant by the crowding out effect?

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