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What is budget deficit and how is it related to Government debt? What is cyclical adjustment to deficit and how does it help to understand

  1. What is budget deficit and how is it related to Government debt?
  2. What is cyclical adjustment to deficit and how does it help to understand the stance of fiscal policy?
  3. What is crowding out?How does budget deficit crowd out investment?
  4. Why is a high level of government debt is a matter of concern?

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