When tax revenue exceed the government's outlays, the budget
A) has a deficit and the national debt is increasing.
B) is balanced and the national debt is decreasing.
C) has a surplus and the national debt is decreasing.
D) has a surplus and the national debt is increasing.
E) None of the above because by law tax revenue cannot exceed the government's expenditures.
C
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Retired individuals:
a. Are always harmed by inflation. b. Are almost always helped by inflation. c. Could be helped (or, at least, not hurt) by inflation if their assets rise in value. d. Are helped by inflation when it is unexpected. e. Are harmed by inflation when it is expected.
Suppose Debbie is willing to pay $50 for a pair of shoes but has to pay $20 because the shoes are on sale. Her consumer surplus is:
a. ?$20. b. ?$50. c. ?$70. d. ?$30. e. ?$25.
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Refer to the given list. The M2 definition of money comprises:
Answer the question on the basis of the following list of assets: 1. Large-denominated ($100,000 and over) time deposits 2. Noncheckable savings deposits 3. Currency (coins and paper money) in circulation 4. Small-denominated (under $100,000) time deposits 5. Stock certificates 6. Checkable deposits 7. Money market deposit accounts 8. Money market mutual fund balances held by individuals 9. Money market mutual fund balances held by businesses 10. Currency held in bank vaults A. Items 2, 3, 4, 6, 7, 8, and 10. B. Items 3, 4, 5, and 6. C. Items 2, 3, 4, 6, 7, and 8. D. All of the items listed.