A. waxwania is producing $600 of real gdp, whereas the potential real gdp (or full-employment real gdp) is $700. how large is its budget deficit?

If you refer to the chart for this question in your textbook or found online in your assignment there is a difference of $40. The $40 difference is the budget deficit for Waxwania. A budget deficit, simply put, is when expenses exceed the revenue. The amount of budget deficit a company faces often indicates the financial well being of the company. 

The scenario of Fallacious and valid arguments is as follows...

Explanation:

God Rama was powerful, therefore all-powerful people are god.God Rama saw a buck and then got in a trap. buck is bad luck.God Rama was trapped by the buck. Therefore buck makes people trapped. God Rama work so hard to keep fit, so everyone should work hard as Rama did.I believe that God Rama was great because of everyone believe that.