The standardized deficit is the difference between annual government expenditures and tax revenues that would have occurred if the economy was: 
a. in a recession
b. at full employment
c. at the peak of a business cycle
d. at the trough of the business cycle

The correct answer to the following question is option B) at the full employment.

Explanation:

The standardized budget ( whether surplus or deficit ) can be said as a federal budget ( surplus or deficit ) , which gives the measure of fiscal policy, which is implemented by the government, when the cyclical factors are removed and with the assumption that the economy is operating under the full employment.

d. to get countries or companies to stop doing something objectionable.

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