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Question
State whether the following statements are TRUE or FALSE:
In deficit budget, expenditure is more than income.
Solution
True, in a deficit budget, expenditure is more than income.
Explanation:
Deficit budget refers to the excess of the total budgeted expenditure over the total budgeted receipts. In other words, budget deficit implies a situation where the total budget receipts of the government fall short of the total budget expenditure of the government. That is,
Deficit budget = Government expenditure > Government revenue
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