A budget surplus is defined as:
A. a shortfall of revenues compared to expenditures.
B. accumulated surpluses minus accumulated deficits.
C. accumulated deficits minus accumulated surpluses.
D. a shortfall of expenditures compared to revenue.
Answer: D
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a. increasing fiscal expenditure
b. increasing taxes.
c. decreasing taxes.
d. selling U.S. government bonds.
e. lowering the discount rate.
A tariff always lowers the well-being of each nation, including the nation imposing the tariff.
Answer the following statement true (T) or false (F)
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