Economics · Public Finance

Which of the following best defines 'Fiscal Deficit'?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1The difference between total personal income and national investment outlays
2The gap between private individual expenditure and total direct taxes levied
3The total estimated revenue and expenditure generated in a fiscal budget
4The excess of total government expenditure over its total non-borrowed receipts✓

Correct answer

The excess of total government expenditure over its total non-borrowed receipts

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