A budget surplus is the:
A. amount of net revenue a government brings in beyond what it spends.
B. amount of money a government spends beyond the net revenue it brings in.
C. total amount of money that a government owes.
D. total amount of money that a government receives from a tax increase.
Answer: A
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Which of the following would not be included in the government consumption expenditures and gross investment (G) category of GDP?
a. The payments made to Social Security recipients. b. The expenditures made to repair a highway. c. The spending for professors at state universities. d. The purchase of new china for White House functions.
When a person is making a decision at the margin he or she is comparing the additional benefit of that activity to the additional cost of the proposed action
Indicate whether the statement is true or false
How is total revenue calculated?
a. multiplying price by change in demand b. multiplying price by quantity sold c. multiplying change in price by change in quantity demanded d. multiplying change in price by quantity sold
Suppose a bakery produces donuts using the following: the ingenuity of the bakery owner, a deep-fryer, wheat (made into flour), and a baker. Which of them would be considered capital?
a. The ingenuity of the owner b. The baker c. The wheat d. The deep-fryer