A budget deficit is defined as:
A. a shortfall of expenditures compared to revenue.
B. accumulated deficits minus accumulated surpluses.
C. a shortfall of revenues compared to expenditures.
D. accumulated surpluses minus accumulated deficits.
Answer: C
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When tax revenue ________ outlays is negative, then the government has a budget ________
A) minus; surplus B) divided by; surplus C) minus; deficit D) plus; deficit E) plus; surplus
The table below shows the marginal benefit and marginal cost of purchasing an additional unit of 3 different public goods. Marginal benefitMarginal costTotal spending on the public goodPublic good 1$20$20$1,500Public good 2$15$25$800Public good 3$10$5$700 Total economic surplus could be increased by reallocating total spending away from
A. public good 2 toward public good 3. B. public good 2 toward public good 1. C. public good 1 toward public good 3. D. public good 3 toward public good 1.
Real variables can only be affected by:
a. unperceived changes in the price level. b. expected changes in the price level. c. perceived changes in the price level. d. actual changes in the price level.
Which of the following groups has the lowest life expectancy at birth?
a. middle-income economies b. low-income economies c. high-income economies d. sub-Saharan African economies e. all the world's economies