The difference between total expenditure and total receipts excluding borrowings of the government is called _____.
Fiscal deficit
Fiscal deficit is correct.
Fiscal deficit is the gap between the government's total expenditure and its total receipts excluding borrowings. It shows how much the government must borrow in a year to meet its spending.
Revenue deficit compares only revenue expenditure with revenue receipts, primary deficit is fiscal deficit minus interest payments, and trade deficit refers to imports exceeding exports, so none of them matches the definition.
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