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What is the main difference between Budget deficit and Debt? What is the difference between monetary policy and fiscal policy? What is meant by liquidity

What is the main difference between Budget deficit and Debt?

What is the difference between monetary policy and fiscal policy?

What is meant by liquidity preference theory? Why will people hold on to more money when interest rates are low?

What's the basis for arguing that deficits are likely to lead to lower living standards in the future?

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